Employer's contribution to pension fund comes under 80ccc?

DKTAZILANOM9909 (Querist) 26 January 2017 This query is : Resolved

Dear Sir, We work in a PSU. As per our last wage settlement we get 30% of (basic pay & DA) as retirement benefits of which 13% of (basic pay & DA) are deposited in LIC's pension fund.

My query is that can we get this amount of 13% of (basic pay & DA) as tax exempted under 80ccc?

regards,

TAPAN KUMAR DAS

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Guest (Expert) 27 January 2017
Section 80ccc is applicable for taxpayers who have deposited some amount out of their taxable income to buy or continue an annuity plan from LIC or any other insurer.

So, if contribution is made by you (not by employer) out of your own taxable income that would be eligible for exemption.

Ms.Usha Kapoor (Expert) 28 January 2017
Agree with Dhingra ji.

Ms.Usha Kapoor (Expert) 28 January 2017
AGREE WITH DHINGRA jI.

Guest (Expert) 28 January 2017
Usha ji,

Thanks for agreeing with me.

Rajendra K Goyal (Expert) 28 January 2017
Agree with the expert P.S. Dhingra.

Guest (Expert) 28 January 2017
Rajendra ji,

You are welcome for agreeing with me.

Dr J C Vashista (Expert) 31 January 2017
Nothing more to add, well advised by expert Mr. PS Dhingra.

Guest (Expert) 31 January 2017
Dear Dr. J C Vashista,

Thanks for your appreciation.

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