Whether pention taxable in this case
This query is : Resolved
21 March 2016
Monthly Pention received
Age 58 years
Person not retired as retiremnt age is 60 in his case
Doubt-Whether it will be taxable as salary??
It is written in section that monthly pention received after retirement is taxable. So my doubt is whether pention received within age period 58 to 60 is taxable or not As pention starts to receive from age of 58 years
26 March 2016
On retirement, an employee normally receives certain retirement benefits. Such benefits are taxable under the head ‘Salaries’ as ‘profits in lieu of Salaries’ as provided in section 17(3). Pension received before retirement is also taxable under the head Salary as ‘profits in lieu of Salaries’ like it is received after retirement.
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