if a person retired from food corporation of india in march. 2014 & after that getting pension 26500/- per month then the total pension received is 318000 for financial year 2014-15.
would the income is taxable or not :
if not then why
SUNNY (STUDENT CS) (377 Points)
28 July 2015if a person retired from food corporation of india in march. 2014 & after that getting pension 26500/- per month then the total pension received is 318000 for financial year 2014-15.
would the income is taxable or not :
if not then why
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 28 July 2015
Hi,
Penison is taxable in excess of taxable limits. There is no exemption precisely for pension salary.
Still it falls under Salary and it is taxable.
Thanks,
Suri
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 18 August 2015
Source : CA Deepesh Ruhela
Hello @ Mr.Sunny
As you mention that person is government employee but he received periodical payment ….so it is taxable as salary..
Tax is deductible on pension income under section 192 of Income Tax act on payment.
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