Tax on Annuity received after retirement by SBI life from 14 years contribution from tax paid salary
This query is : Resolved
29 January 2023
History-
I paid monthly contribution ( about 12%) from my tax paid salary to my Company regularly for 14 year ( about Rs. 9 Lakhs)
After retirement at 60 years , Company fixed my monthly Annuity through SBILIFE and I am receiving annuity monthly .
Question -
This annuity is taxable or not ?
In my opinion , it should not be taxable as I had contributed this Rs. 9 Lakh fund from my taxable salary for past 14 years. Can we connect this case with Section 10 , Tax clause 23aab
Kindly clarify me .
Regards
I paid monthly contribution ( about 12%) from my tax paid salary to my Company regularly for 14 year ( about Rs. 9 Lakhs)
After retirement at 60 years , Company fixed my monthly Annuity through SBILIFE and I am receiving annuity monthly .
Question -
This annuity is taxable or not ?
In my opinion , it should not be taxable as I had contributed this Rs. 9 Lakh fund from my taxable salary for past 14 years. Can we connect this case with Section 10 , Tax clause 23aab
Kindly clarify me .
Regards
29 January 2023
The annuity is taxable..
The 9 lakhs received from employer had been tax deductible u/s. 80CCD(2) of IT act.
The 9 lakhs received from employer had been tax deductible u/s. 80CCD(2) of IT act.
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