Standard deduction on salary ITR2 FY 2021-22, AY 2022-23

This query is : Resolved

neeru (Querist)
Follow

22 July 2022 Dear sir

I am a retired housewife. I get monthly annuity pension from LIC (i had taken Jeevan Shree policy about 25 years back) . I also get monthly pension from EPFO office. Total pension is about Rs. 90000 per annum. In which schedule i fill it up in ITR2. If i fill in Salary schedule it automatically gives standard deduction of Rs 50000/-.

Does this pension applicable for standard deduction.

Moreover i have also received About 15 lacs on maturity of another LIC policy. Which is tax free.
Do i need to show it in ITR (Which schedule).

Thanks and best regards to all experts for helping us in old age.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

22 July 2022 1. Pension from EPFO should be declared under 'Salary' head, eligible for standard deduction.
2. Pension from LIC annuity plan is taxable under 'IFOS'
3. Declare the maturity of insurance policy under schedule 'Exempted Income'.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

avulaandcopdrl 2023

SIVALINGAM

office docs

Joyashish Maitra

Aayushi Chauhan

Subscribe Now

Standard deduction on salary ITR2 FY 2021-22, AY 2022-23

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA