Should annuity received from LICI be clubbed with interest incomes(FDs and savings bank) received from banks and shown as income from other sources in thr ITR or it should be separetely mentioned?
Menu
Correct way to show income from annuity in ITR
Replies (2)
Quick Summary
Declare it separately...
The treatment varies based on type of annuity you receive. If it is a Pension / superannuation annuity from your employer related superannuation fund, it may be taxed as Salary / Pension, depending on reporting in your form 16, AIS, and Form 26AS. If it is annuity from any life insurance policy, or any private annuity scheme then it may fall under “income from other sources” and tax will be applicable according to your income tax slab. Check: Before you file your income tax return: nature of the annuity you are getting; has payer issued form 16 or 16A; how the income reflects inAIS / Form 26AS. Reporting it under the appropriate head of income is essential.
Recent Topics :
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
- ROC FILINGS FY2025-26
- Mismatch in 26AS
- How Can a Trader Utilise Approximately ₹1.20
- How Can Law Students Present Papers at Conferences
- On which amount 200% penalty under section 270A is
Related Topics :
CAclubindia
