Pension
This query is : Resolved
30 August 2012
If received the pension form LIC on Pension plan insurance, is it exemption or taxable?
give the legal provision with section reference
give the legal provision with section reference
30 August 2012
Pension In Case of Salaried Employee is exmpted provided some condition, Not LIC pension.
01 September 2012
where it is mentioned that pension from salary is exempt.
Pension is always taxable.
Pension is always taxable.
01 September 2012
Pension Received from LICLumps
Sum Pension -Lumps sum Recd is tax free upto one third (1/3) of the
commuted value. (Suppose Fund generated is Rs 600000/- out of this 2,00,000/-
can be taken without attracting any tax liablility).Excess lumps sum withdrawal
will be taxed under the head " Income From other Sources"
Annuity or Periodical Pension- will be taxed under the head "Income From other
Sources"
Sum Pension -Lumps sum Recd is tax free upto one third (1/3) of the
commuted value. (Suppose Fund generated is Rs 600000/- out of this 2,00,000/-
can be taken without attracting any tax liablility).Excess lumps sum withdrawal
will be taxed under the head " Income From other Sources"
Annuity or Periodical Pension- will be taxed under the head "Income From other
Sources"
01 September 2012
Income from Pension Annuity is covered by TDS provisions u/s 192.
There is no TDS provision for payment of family pension.
Banks paying pension on behalf of govt. is the person responsible for payment & hence is liable to comply with the TDS provisions & will be penalized in case of default. In case of pension amounts received by non-governmental persons, the company is responsible for TDS, failing which penalty as well as penal interest would be levied on them.
Pensioners can submit proofs for deduction u/s 80C, 80 D etc, & even entitled to relief u/s 89 (in case of arrears) to avoid TDS & are entitled to receive Form 16 from banks in case of tax deduction.
There is no provision to give declarations by pensioners like 15 G /H to avoid TDS.
There is no TDS provision for payment of family pension.
Banks paying pension on behalf of govt. is the person responsible for payment & hence is liable to comply with the TDS provisions & will be penalized in case of default. In case of pension amounts received by non-governmental persons, the company is responsible for TDS, failing which penalty as well as penal interest would be levied on them.
Pensioners can submit proofs for deduction u/s 80C, 80 D etc, & even entitled to relief u/s 89 (in case of arrears) to avoid TDS & are entitled to receive Form 16 from banks in case of tax deduction.
There is no provision to give declarations by pensioners like 15 G /H to avoid TDS.
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