14 April 2020
i want to know whether the family pension is taxable on receipt or due basis . remember the pension is received from treasury and there is no form filed by them regarding this.
16 April 2020
It may also be useful to note that from family pension so received , deduction u/s 57(iia) of Rs. 15000 or 1/3rd of the amount received, whichever is less, is available.
17 April 2020
Family pension is to be computed in accordance with the method of accounting regularly employed by you. Hence, if you followed mercantile system in earlier year's , then income will be computed on due basis in rest of the year's.. If you followed cash system in earlier year's, then family pension should be computed on receipt basis in the next following year's.
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