Income tax for for person of age > 65 and not employed
This query is : Resolved
Mahendra Kumar C
(Querist)
09 May 2016
Please advise :-
1) My Income now is Bank Interest from "Saving A/c, FD, and other deposits" & Rent received for house property, - Which form should I fill-up ITR-1 or ITR 4S.
2) In filing ITR where the income from LIC received towards superannuation payments received monthly . If this is to be shown as salary then who will be employer ? LIC was never the employer in this case and instead a private sector company was employer in past and the Superannuation fund was deposited periodically by employer to LIC and after person has superannuated he gets regular monthly sum from LIC, which I was told is taxable as salary.
1) My Income now is Bank Interest from "Saving A/c, FD, and other deposits" & Rent received for house property, - Which form should I fill-up ITR-1 or ITR 4S.
2) In filing ITR where the income from LIC received towards superannuation payments received monthly . If this is to be shown as salary then who will be employer ? LIC was never the employer in this case and instead a private sector company was employer in past and the Superannuation fund was deposited periodically by employer to LIC and after person has superannuated he gets regular monthly sum from LIC, which I was told is taxable as salary.
10 May 2016
1) ITR 1
2) Such payment is included under the head income from other sources.
It is advisable that take a authorized and certified Tax professionals help for filing the ITR
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
2) Such payment is included under the head income from other sources.
It is advisable that take a authorized and certified Tax professionals help for filing the ITR
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
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CA R SEETHARAMAN
(Expert)
10 May 2016
Pension is taxable as salary disclose the name of the employer who deposited the pension funds to LIC, under name of the employer.
Message likes :
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Amol S Joglekar
(Expert)
10 May 2016
file itr1. The pension may be shown under salary.
Message likes :
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10 May 2016
Yes Pension comes under Salary but in some cases it will shown as Income from other source like family pension and Superannuation payment. due to no employee employer relation. think if in this case TDS will be deduct than how will you show it.
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