Jeevan Akshay-VI approved for Income Tax deduction Under Section 80C

The Central Government have approved Jeevan Akshay-VI Plan of the Life Insurance Corporation of India as an annuity plan eligible for deduction under clause (xii) of sub-section (2) of section 80C of the Income Tax Act, 1961.

Persons who have invested in this plan during the financial year 2007-08 or subsequently (relevant assessment year being 2008-09 and subsequent assessment years) will be eligible for deduction of the amount invested from their total income chargeable to income tax. The benefit will, however, be limited to the overall ceiling of Rs.1,00,000 available for deductions under section 80C.

Section 80C of the Income-tax Act, 1961 – Deductions – In respect of insurance premium, etc. – Notified plan u/s 80C(2)(xii)

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Section 80C of the Income-tax Act, 1961 – Deductions – In respect of insurance premium, etc. – Notified plan u/s 80C(2)(xii)

Notification No. 34/2010

[F. NO. 178/46/2008-ITA-1],

dated 19-5-2010

In pursuance of clause (xii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Jeevan Akshay-VI Plan of the Life Insurance Corporation of India, as filed by that Corporation with the Insurance Regulatory and Development Authority, as the annuity plan of the Life Insurance Corporation of India for the purposes of the said clause for the assessment year 2008-09 and subsequent years.