Tax on commuted pension received by PSU Bank employees
This query is : Resolved
12 May 2022
As per sec 10(10a) of IT act, commuted pension received by a Government Employee is fully exempt from tax. For non- Govt Employees, only part exemption is allowed.
My question is "Do the PSU bank employees come under the definition of Govt. Employee" for the purpose of this section?
New ITR forms for AY 22-23 is asking the pensioners mark the nature of employment which includes different options like CG - Pensioners, SG pensioners, PSU pensioners, other pensioners. (CG / SG - Central Govt / State Govt). Once it is marked as PSU pensioner, can the IT exemption be claimed for commuted pension which is fully exempt explicitly for Govt Employees only?
Can you therefore please comment / advise whether commuted pension is fully or partly exempt for us PSU bank employees?
My question is "Do the PSU bank employees come under the definition of Govt. Employee" for the purpose of this section?
New ITR forms for AY 22-23 is asking the pensioners mark the nature of employment which includes different options like CG - Pensioners, SG pensioners, PSU pensioners, other pensioners. (CG / SG - Central Govt / State Govt). Once it is marked as PSU pensioner, can the IT exemption be claimed for commuted pension which is fully exempt explicitly for Govt Employees only?
Can you therefore please comment / advise whether commuted pension is fully or partly exempt for us PSU bank employees?
13 May 2022
PSU bank employees are not government employees. Commuted pension is partly exempt for PSU bank employees.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- CLOSING STOCK QUERY
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Taxation on Old jewellery sold
- TDS refund Indemnity Bond
- Gst reverse charge mechanism to be claimed in the month of payment
- ITR 44AD SECTION
- Missed TDS
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
