Sir,
I have two queries.
1) My client retired on 31/3/20. He received PF amount on 4/4/2020.
In which AY this PF amount to be shown in ITR.
2) He commutes 1/3 Pension and rec'd the amount on 31/3/2020 but FORM-16 not showing the amount.
what is to be done.
request your valuable advice on both.
regards.
Tapan bose
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Benefits on retirement
Replies (4)
Quick Summary
In the case of Govt. Employees, Pension Commutation amount, DCRG and Terminal Surrender of Earned Leave are exempted from Income Tax.
Sir, psu employee. should pf amount to be shown in ITR?
Final settlement of GPF is fully exempted form Income Tax.(80C)
1) Tax that pf in py 20-21
2)govt emplee commuted pension - not taxable
non govt emplee communted pension
gratuity received - 1/3 exempted
gratuity not received-1/2 exempted.....
2)govt emplee commuted pension - not taxable
non govt emplee communted pension
gratuity received - 1/3 exempted
gratuity not received-1/2 exempted.....
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