28 November 2010
A client of mine retired from PSU bank in Aug,2009. Pension was not opted/applicable at that time and he received all other retirement benefits.
Now the bank has given the option for pension. For this he has to return all the money he received at the time of retirement PLUS 56% over and above from his pocket. This 56% is asked as "Pension Funding Gap".
Whether the assessee is eligible for deduction from his taxable income for the year to the extent of his contribution and under what section?
CAclubindia
