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pension

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31 July 2010 one of my friend who has taken vrs from bank and recd retirement benefits called pension aroun 3 lacs now what is the procedure for him regarding this pension. is there any challan to be filled and intimate IT .
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
31 July 2010 Amount received upto Rs.5 lakhs on voluntaty retirement scheme is exempt from income tax under section 10 (10C) of the Income tax Act,1961. Kly go through the section and make sure that your friend's case fit into the provisions of the said section .If applies no need to file income tax return if your friend's other income is less than the threshold limit.
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