Taxability of pension income

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Sagargvyas (Querist)
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18 February 2015 Hello Sir, does the pension income received by retired military employee is taxable in his hands. The person himself is receiving the pension income which is credited in his bank account. The bank has deducted TDS from such pension income.

So whether such pension income received by the retired ex-military employee is fully exempt? or taxable?. Further the TDS deducted can be claimed as refund.?If the full pension income is exempt from tax, then how it should be disclosed in ITR form.?

Also which ITR form should be filed.? and such TDS deducted should form part of Form 16 or Form 16A.?

Waiting for an early reply.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 February 2015 Pension income received is taxable under the head salaries. It is not exempted. ITR1 can be filed. Form 16 is applicable.

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CA Anjana Grover

CA Anjana Grover (Expert)
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18 February 2015 Hello Sagarvyasji,

yes, If person is receiving pension himself in case of Ex-employee of ARMY in that circumstances pension is fully taxable.

And also you can claim if the calculation is showing the same by filing ITR-1.

Form-16 is applicable on Salary & Pension.

Regards

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