on E filing in ITR where pension from EPFO(Rs.2000/month) & LIC for VARISHTHA PENSION BIMA YOJANA(yrly pension) should be shown? Income under salaries or Income under other sources.
15 Replies
Prince Pandey
( Industrial trainee at SCL)
(30 Points)
Replied 27 July 2019
If the person who is receiving is alive then Salary otherwise IFOS
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 27 July 2019
1. EPF pension will be taxable under the head salary.
2. However, if the above pension is in the nature of family pension then it will be taxable under the head Income from Other Sources.
Please correct me if the above solution has an alternative view.
karthik
(accounts executive)
(32 Points)
Replied 28 July 2019
Is pension from LIC insurance too come income under salaries?.... I had heavy doubt as i seen pension from employer directly(like old.pension system)only will be considered under salary head
rama krishnan
(12239 Points)
Replied 28 July 2019
EPFO HAS TO BE BE SHOWN UNDER SALARY HEAD AND LIC HAS TO BE SHOWN UNDER IFOS
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 July 2019
Yes... I agreed to Mr Ramakrishnan.
karthik
(accounts executive)
(32 Points)
Replied 28 July 2019
My understanding is Epdi pension will be shown in income from salaries head and LIC PENSION will be shown in income from other sources head.
While pension from EPFO from contribution which is not employer how can considered in salary?
rama krishnan
(12239 Points)
Replied 28 July 2019
EPFO PAYS PENSION ONLY TO ITS EMPLOYEES AND SO IT'S TO BE SHOWN UNDER SALARY HEAD
karthik
(accounts executive)
(32 Points)
Replied 28 July 2019
My father is airport retired employee and due to contribution to EPS scheme from 12% contribution by airport authority EPFO he is getting rs2000 pension. I.e pension not as epfo employee getting under EPS scheme which govt fixed rs 1000 minnpension
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 28 July 2019
Then it'll cover under other sources, let's wait for experts advice also
CA. Manish K Maheshwari
(Chartered Accountant)
(49 Points)
Replied 28 July 2019
Both the Incomes will come under "Income from Other Sources" .Employer-employee relationship is required to be established before any Income can be shown as Salaries Income .
karthik
(accounts executive)
(32 Points)
Replied 28 July 2019
Thanks for your correct information till now lot of misinformations provided regarding treating EPFO pension thru EPS and pension from LIC PLAN under income from salary. So thinks for my father getting pension only from EPFO AND LICNPLAN which is IFOS HE NOT ELIGIBLE FOR STANDARD DEDUCTION 40K
J S BHAVSAR
(CONSULTING)
(1288 Points)
Replied 29 July 2019
| Originally posted by : karthik | ||
 |
While pension from EPFO from contribution which is not employer how can considered in salary? |  |
EPS Pension is paid to retired worker when 8.33% or Rs 1250 per month of the employer's contribution of PF gets remitted into the EPS scheme.
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