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pension

karan vij (64 Points)

01 October 2017

what is the tax liability of person who receives pension after retirement

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4 Replies

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 01 October 2017

If received on monthly basis then fully taxable.

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Srikanth Yekkaldevi (179 Points)
Replied 01 October 2017

1) As per sec 10(10A)) pension received by commuting is partially exempted as per the provisions of this section .
2) pension received on regularly without commuting is fully taxable .

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 01 October 2017

Yes if you received lumpsum at the tym of retiremnet then same is exempted

Nisha Gupta (31 Points)
Replied 01 October 2017

if provision for income tax in case of companies has become lower than the current tax that is tax. and the balance sheet has been filed....then what will be the accounting entry in next financial year