I am a retired officer of a private bank. I am getting pension but it is paid through LIC as an arrangement between the bank and LIC. THE query is whether the pension is to be reported under salary income so that I can claim standard deduction.
Gayatri Kalyanaraman (1 Points)
18 June 2019I am a retired officer of a private bank. I am getting pension but it is paid through LIC as an arrangement between the bank and LIC. THE query is whether the pension is to be reported under salary income so that I can claim standard deduction.
Deepak Gupta
(CA Student)
(15922 Points)
Replied 18 June 2019
Yes, standard deduction is available.
Sec. 16(ia) says, a deduction of forty thousand rupees or the amount of the salary, whichever is less
And as per Sec. 17(1)(ii), salary includes any annuity or pension
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