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Section 80C of Income-Tax Act, 1961

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  • LIC Jeevan Akshay-VI: 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. Notification No.34/2010 dated 19th May 2010; F.No.178/46/2008-ITA-1
  • LIC Jeevan Akshay: Interest received under the Jeevan Akshay scheme is deemed a ‘Salary’ for the purposes of Income-Tax and treated as such. But, return of corpus to the nominee on death of the annuitant, whenever it occurs, is not subject to any Income-Tax.