22 March 2016
LIC is now offering Pension Plan (Jeevan Akshay) under which single premium is payable. As per poilcy terms, the Annuity (pension) will be payable immediately (in Monthly/Qtly/Hyrly/Annual) intervals to the policy holder as chosen by him/her.
Whether this Annuity (pension) is taxable? In other words, whether the annuity received (in Monthly/Qtly/Hyrly/Annual intervals) is to be treated as income and to be added as income from other sources to calculate income tax?
22 March 2016
Annuity Pension is Taxable whether you receive monthly, quarterly or yearly basis time to time investment is deductible u/s 80C of the Income Tax Act but the annuity received is taxable under the head of "Income from other sources"
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