Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
This query is : Open
27 June 2026
Sir/ Experts,
I draw EPFO (Employee Provident Fund) Pension and get ICICI Prudential Life Annuity.
Is this amount eligible for deduction under Standard Deduction for FY 2025-2026 (AY 2026-2027) in the new Tax Regime ?
Appreciate response.
Best Regards, Krishna
I draw EPFO (Employee Provident Fund) Pension and get ICICI Prudential Life Annuity.
Is this amount eligible for deduction under Standard Deduction for FY 2025-2026 (AY 2026-2027) in the new Tax Regime ?
Appreciate response.
Best Regards, Krishna
27 June 2026
* ✅ EPFO (EPS) pension: Eligible for standard deduction (if taxed as salary/pension).
* ❌ ICICI Prudential life annuity: Not eligible for standard deduction.
* ✅ Under the new tax regime for AY 2026-27, the standard deduction is available only against salary/pension income and not against income from other sources.
* ❌ ICICI Prudential life annuity: Not eligible for standard deduction.
* ✅ Under the new tax regime for AY 2026-27, the standard deduction is available only against salary/pension income and not against income from other sources.
27 June 2026
Dear Sir, Thanks for the quick response.
The Annuity I have received from ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED, is shown as
"Salary as per provisions contained in section 17(1)" and also under "Less: Deductions under section 16" & "Standard deduction under section 16(ia)" in FORM No. 16 they have sent me for AY2026-27 in June 2026.
I am confused.. hence the question. Kindly clarify.
The Annuity I have received from ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED, is shown as
"Salary as per provisions contained in section 17(1)" and also under "Less: Deductions under section 16" & "Standard deduction under section 16(ia)" in FORM No. 16 they have sent me for AY2026-27 in June 2026.
I am confused.. hence the question. Kindly clarify.
27 June 2026
Also kindly note, in Form 16 they have sent, "Whether opting out of taxation u/s 115BAC(1A)?" is No
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