In any income year, a natural person who is a beneficiary of an approved retirement fund can deduct from his taxable income up to three lakh rupees or one-third of his assessable income, whichever is less, while making retirement contributions to the retirement fund. But contribution-based social security: Beneficiaries of the fund who contribute to the social security fund established according to the Fund Act, 2074 can deduct from their taxable income up to five lakh rupees or one-third of their assessable income, whichever is less, while contributing to the fund.