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The Central Government specifies the Jeevan Akshay-VII Plan of the Life Insurance Corporation of India as an approved annuity plan for Section 80C deductions. This specification applies for the assessment year 2021-22 and subsequent years. The plan must be filed by the Corporation with the Insurance Regulatory and Development Authority. Taxpayers who invest in this plan claim deductions under the specified clause.
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THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th December, 2021 INCOME–TAX S.O. 5056(E).—In exercise of the powers conferred by 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-VII 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 2021-22 and subsequent years. [Notification No. 134/2021/F. No. 178/4/2021-ITA-I] SOURABH JAIN, Under Secy. (ITA-I)
