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?
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Correct way to show income from annuity in ITR
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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.
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