The name of Income Tax brings goose bumps to every person. Everyone tries to avoid it as much as possible whether it is by means of reducing their taxable income, investing in savings schemes or illegal means. So, Income Tax Act, 1961 provides various deductions to the assessee from his gross total income under chapter VI-A so that assesses can reduce his taxes without complications and in a legal way.
In case of contributions made under Insurance Plans & Pension plans, deduction is allowed under Section 80C & 80CCC with certain conditions to be fulfilled.ADA Team has made an attempt to summarize the provsions regarding taxability and deduction allowed under those schemes.
For details please refer the note attached above-