23 December 2021
Note that I receive pension from EPFO(Employees Provident Fund Organisation) Rs. 1128.00 PER MONTH which has started in the Financial Year 2020-21 . please guide me urgent basis in the whether this income is exempt form tax U/Ds 80 C or is it a taxable income on this matter by referring income tax provisions .
If Pension Income is Taxable Income then which is the process it is show in the computation sheet for the Assessment Year 2021-22.
23 December 2021
1. Uncommuted pension received periodically by retired employee is taxable under head 'Salary'. 2. Any investment made in PY which is eligible for deduction u/s. 80C can be claimed against the income.
24 December 2021
Pension received from ex-employer is taxable as salary. Any income by whatever name called cannot be chargeable as salary in the absence of employee- employer relationship.
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