Iam a retired employee from a CPSU and member of PF and contributory PF pension of EPFO. While disbursing the pension the EPFO do not deduct TDS and the payment comes to my bank account monthly. The employer doesn't have any roll in this. There is no employer employee relations with EPFO. My query is
1. Whether the receipt from EPFO can be treated as exempted receipt as any amount received from EPFO is exempted in the hands of receipient.
2. There is no specific provision in IT Act terming the contributory pension scheme of EPFO.
3. If it is taxable the EPFO would have deducted TDS.
4. If it is taxable under which head .
5. If it is under Salary whether STD deduction is applicable.
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PF pension
Replies (4)
Yes... EPF pension is taxable under Salary head...
Yes... Standard deduction available for the same.
Yes... Standard deduction available for the same.
What I had read about Standard Deduction, only government pensioners were to get the Rs 40,000 standard deduction. The private sector pensioners that derive pension from EPFO were not being considered.
Is this issue of private sector pensions vs government pensioners sorted now?
Standard Deduction available to All Employees. It's not restricted only to govt...
Thans Mr. Raja PM for your quick response. Can you please clarify my doubts 1,2 and 3 . It's just a burning issue being discussed and many retired persons take different stands.
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