Section 80CCC of ITA, 1961 : Section 80Ccc: Deduction In Respect Of Contribution To Certain Pension Funds
ITA, 1961
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Explanation using Example
Let's consider Mr. Sharma, a software engineer, who has a taxable income of ₹8,00,000 for the financial year 2022-23. To save on taxes and plan for his retirement, Mr. Sharma decides to invest ₹1,50,000 in a pension plan offered by a registered insurer. According to Section 80CCC of the Income-tax Act, 1961, Mr...
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