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Income Tax Exemption under Section 10(23AAB) of Income Tax Act, 1961

 

Eligible Assessee

Any fund set up by LIC or other insurer

 

Nature of Income

Any income

 

 

 

Amount Exempt

Entire amount

 

Conditions laid down for Tax Exemption u/s 10(23AAB)

  1. The fund is set up after 1-8-1996 by LIC or other insurer for pension scheme to which contribution is made by any person to receive pension from such fund

  2. The fund is approved by Controller of insurance or other authority established under Insurance Regulatory and Development Authority Act, 1999.

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