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

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neeru (Querist)
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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)
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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'.

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