RISHI BANERJEE (CONSULTANT) (44 Points)
19 June 2012Dear Sirs,
I shall be obliged if you enlighten me under which head of Income the following Income is chargeable to Income Tax:
1. Pension from Regional Providend Fund Commissioner under " Employees' Pension Scheme '
2. Pension received from Life Insurance Corporation of India under certain specific Policies.
RAKESH
(Almost CA)
(2199 Points)
Replied 20 June 2012
Assuming that the pension received is Commuted
1. In case of government employee - fully exempt
2 . In case of non government employee - It is subject to exemption
All the Pension related income is to be charged to Tax under Income from salary.
RISHI BANERJEE
(CONSULTANT)
(44 Points)
Replied 20 June 2012
My dear Rakesh,
Here, the Pension is being received from (a) Regional Provident Fund Commissioner under 'Employees Pension Scheme' and (b) LICI under Pension Scheme. Incase, it is received from past Employer, it could be shown under "SALARY" and accordingly it could be filled up in ITR-1, ITR-2, ITR-3 and ITR 4 giving the Employer's name, address etc.
But, the problem is giving Employer's name, address etc., as neither the Regional Provident Fund Commissioner nor the Life Insurance Corporation is the Employer of the Assessee.
Kindly enlighten me.
RISHI BANERJEE
(CONSULTANT)
(44 Points)
Replied 20 June 2012
Further,
As there is no Employer-employee relationship, such receipts should not come under "SALARY". It should come under "Income from Other Sources", although it is termed as PENSION. Kindly put your valued oinion.
RISHI BANERJEE
Rani
(None)
(277 Points)
Replied 16 March 2016
Retired from a private company. Getting pension from EPF. Is it taxable?
Nirmal Bhansali
(61 Points)
Replied 22 June 2019
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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