TAXATION OF EPF PENSION
This query is : Resolved
08 October 2020
1. IS MONTHLY PENSION RECEIVED FROM EMPLOYEES PROVIDENT FUND ORGANISATION AFTER RETIREMENT IS TAXABLE OR EXEMPTED ?
2. IN CASE OF DEATH OF EMPLOYEE PENSION RECEIVED FROM EMPLOYEES PROVIDENT FUND ORGANISATION TO WIDOW AND MINOR CHILD IS TAXABLE ?
2. IN CASE OF DEATH OF EMPLOYEE PENSION RECEIVED FROM EMPLOYEES PROVIDENT FUND ORGANISATION TO WIDOW AND MINOR CHILD IS TAXABLE ?
08 October 2020
1 Taxable under salary head standard deduction of 50,000 can be claimed.
2 Taxable amount above 5000 which is exempt.
Pension received by dependent family member of the retired individual is known as family pension and it is considered as, ‘income from other sources’.
2 Taxable amount above 5000 which is exempt.
Pension received by dependent family member of the retired individual is known as family pension and it is considered as, ‘income from other sources’.
09 October 2020
thank u sir. i have a doubt sir. EPF pension is paid out of the contribution made by employees in previous years. which is also allowed under 80C. then why it is taxable ?
09 October 2020
All pensions paid are taxable including it's paid directly from government. No differentiation can be made.
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