LIC Annuity received under Jeevan Akshay Scheme

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Ramadevi Srinivasan (Querist)
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09 July 2026 I have got several LIC Jeevan Akshay Policies under which I get Annuity from LIC. I Have been showing this under Income from Other Sources for past few years. This year the ITR 2 Form does not have a clear row for 'Others' under Schedule OS. Under Column 'e' which says 'Others', the nature is specified as 'Family Pension, Retirement Benefit u/s 89, etc., none of which fits the case. The last column says "Any sum received, including the amount allocated by way of bonus, at any time during a previous year, under a life insurance policy referred to in section 56(2)(xiii)" - I understand this section pertains only to LIC Maturity taxable from FY 2023. So, where to show the Annuity Income.

I also received a small amount as as sitting fees for having served as an Independent Expert in a Board Committee. Where can I show this income under Schedule OS. As this amount is nominal I thought its ok to use ITR 2, rather than going for the complex ITR 3. Is this OK.

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)
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09 July 2026 ITR-2 Choice: Using ITR-2 is perfectly fine and compliant since you do not have business/professional profits.

LIC Annuity: Enter it under Schedule OS -> Any Other Income (specify as "LIC Annuity Income"). Avoid the line item for Section 56(2)(xiii).

Sitting Fees: Report it under Schedule OS -> Any Other Income (specify as "Sitting Fees"). If you hold a formal directorship position, remember to declare your directorship info in the introductory schedule of ITR-2.

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