....For long, life insurers have been seeking a separate income tax exemption limit of Rs.50,000 for premiums. So, the latest government move will cheer them as it will help promote insurance plans as tax-saving instruments. Earlier, investments on pensions were treated separately for tax deductions. There was an income tax limit of Rs.10,000 under Section 80CCC. It was withdrawn in 2005 and the tax department started treating it with aggregate deduction of Rs.1 lakh. The finance ministry is considering to reintroduce the exemption for pensions separately. ......
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