JITEN (ARTICLESHIP) (39 Points)
18 January 2011
My father is bank employee they have opt p/f option till November 2007 , after that bank give a offer to employees of p/f opty to convert to pension scheme from p/f for that they have to pay 2.8% times of salary Nov.2007, so my father pay 57000/- as arrear to pension fund for get pension after retirement
After the bank settlement my father get arrear from November 2007 to April 2010
Please suggest me how to get excemption of this amount in INCOME TAX ?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 18 January 2011
presumed that the pension fund is under the control / part of EPF,
it would count as contribution towards PF and would get tax treatment of PF deduction only.
praveen
(Chartered Accountant)
(6971 Points)
Replied 18 January 2011
generally the bank employees are governed by a seperate act for pf and pension, They will get exemption for all the payment they have made.
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