Section 80C under Chapter VIA-A Part-B of the Income Tax Act, 1961 provides for the deductions from gross total income in respect of certain payments. As per the section, in computing the total income of an assessee, being an individual or a Hindu Undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section (2), as does not exceed Rs. 150000/-.

The subsection (2) lists the various eligible payments or deposits which qualify for deductions as above.

As per clause (xiv) of the sub-section (2) of Section 80C, any contribution paid or deposited by an individual, in any pension fund set up by any mutual fund referred to in section 10(23D) or set up by any notified Administrator or such company shall qualify for deduction.

Earlier, the Central Government had notified UTI Retirement Benefit Pension Fund for the purpose of the clause (xiv) for the Assessment year 2006-07 and onwards.

Now the Central Government has notified Reliance Retirement Fund set up by the Reliance Mutual Fund under clause (xiv).

The text of the Notification is as under:

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 23rd December, 2014

(INCOME TAX)
Notified Pension Fund under Section 80C(2)(xiv)

S.O. 3261(E).—In exercise of the powers conferred by clause (xiv) of sub- section (2) of Section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Reliance Retirement Fund set up by the Reliance Mutual Fund registered under the Securities and Exchange Board of India (Mutual Fund Regulations, 1993) having registration No. MF/022/95/1, dated the 30th June, 1995 as a pension fund for the purposes of the said clause for the assessment year 2015-16 and subsequent assessment years.

This notification shall come into force from the date of its publication in the Official Gazette.

[Notification No. 90/2014/F. No.178/63/2012-ITA-I]

DEEPSHIKHA SHARMA, Director (ITA-I)

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