Taxability of pension
This query is : Resolved
29 July 2011
I wanted to know..What exactly is Political Pension? Is it taxable?
30 July 2011
Hi,
Salary received by polical person should charged INCOME FROM OTHER SOURCES Same just like pension received by political person is taxable under same head .
Salary received by polical person should charged INCOME FROM OTHER SOURCES Same just like pension received by political person is taxable under same head .
30 July 2011
Pension is not taxable provided the same is received as per the following provisions all other pensions paid other than the below provisions are taxable
(10A)(i) Any payment in commutation 193 of pension received under the Civil Pensions (Commutation) Rules of the Central Government or under any similar scheme applicable to the members of the civil services of the Union or holders of posts connected with defence or of civil posts under the Union (such members or holders being persons not governed by the said Rules) or to the members of the all-India services or to the members of the defence services or the members of the civil services of a State or holders of civil posts under a State or to the employees of a local authority 194 ] or a corporation established by a Central, State or Provincial Act;
(ii) Any payment in commutation of pension received under any scheme of any other employer, to the extent it does not exceed - (a) In a case where the employee receives any gratuity, the commuted value of one-third of the pension which he is normally entitled to receive, and
(b) In any other case, the commuted value of one-half of such pension, such commuted value being determined having regard to the age of the recipient, the state of his health, the rate of interest and officially recognised tables of mortality :
(iii) Any payment in commutation of pension received from a fund under clause (23AAB);
(10A)(i) Any payment in commutation 193 of pension received under the Civil Pensions (Commutation) Rules of the Central Government or under any similar scheme applicable to the members of the civil services of the Union or holders of posts connected with defence or of civil posts under the Union (such members or holders being persons not governed by the said Rules) or to the members of the all-India services or to the members of the defence services or the members of the civil services of a State or holders of civil posts under a State or to the employees of a local authority 194 ] or a corporation established by a Central, State or Provincial Act;
(ii) Any payment in commutation of pension received under any scheme of any other employer, to the extent it does not exceed - (a) In a case where the employee receives any gratuity, the commuted value of one-third of the pension which he is normally entitled to receive, and
(b) In any other case, the commuted value of one-half of such pension, such commuted value being determined having regard to the age of the recipient, the state of his health, the rate of interest and officially recognised tables of mortality :
(iii) Any payment in commutation of pension received from a fund under clause (23AAB);
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