Lekshminarayanan Subramania (14 Points)
09 July 2018Is the monthly pension received from LIC from the 80cc pension scheme policy to be declared in IT returns under Salary/Pension? Or is it to be decalred as Other Income?
If it is to be declared under Salary/Pension can the standard eduction of Rs 40,000/- be claimed under this amount from the next assessment year onward?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178301 Points)
Replied 10 July 2018
It is to be decalred as Other Income ....... standard deductions on such pensions will not be allowed.
Lekshminarayanan Subramania
(14 Points)
Replied 11 July 2018
Ok. I understand. Thank you for the clarification.
J S BHAVSAR
(CONSULTING)
(1288 Points)
Replied 11 July 2018
Dhiraj Sir,
All other pensions from Central Govt are entered in Income from Salary/Pension row.
Why are specific pension amounts like LIC getting entered in Income from OS?
CAclubindia
