Is the monthly pension received from LIC from the 80cc pension scheme policy to be declared in IT returns under Salary/Pension? Or is it to be decalred as Other Income?
If it is to be declared under Salary/Pension can the standard eduction of Rs 40,000/- be claimed under this amount from the next assessment year onward?
It is to be decalred as Other Income ....... standard deductions on such pensions will not be allowed.
Ok. I understand. Thank you for the clarification.
Dhiraj Sir,
All other pensions from Central Govt are entered in Income from Salary/Pension row.
Why are specific pension amounts like LIC getting entered in Income from OS?
CAclubindia
