Regarding annuity amt received

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This query is : Resolved

Happy (Querist)

13 July 2012

Hello CCI Members

I am new for this platform and this is my first post in forum.

Have query regarding Annuity Amt received from LIC.

A person working in bank and recently got retired from his service, Bank has invested his pf amt to LIC Annuity scheme which he gets every year pension and its retirement benefit. Now my query is whether its taxable or not..

Hope can get solution from the experts for this query..

Thnks

Viji

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

13 July 2012 Annuity Income is taxable. In case it is being received as an arrangement from the employer's side, it can be treated as Salary Income. Otherwise, it may be taken under the head Income from Other Sources.
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Happy

Happy (Querist)

15 July 2012 Thanks for your reply sir..

He has salary and anniuty amt for PY, if club both then he need to pay Tax. If its k not shown Annuity amt and just file his salary income as per his form 16..

He needs to pay 14k tax if we club both income..So we can just close showing his salary income and avoid Annuity amt..

Please reply on this sir..

Thanks

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