In which head of income, pension under eps & from lici be t

Dear Sirs,

I shall be obliged if you enlighten me under which head of Income the following Income is chargeable to Income Tax:

1.     Pension from Regional Providend Fund Commissioner under " Employees' Pension Scheme '

2.     Pension received from Life Insurance Corporation of India under certain specific Policies.

 

 

Replies (5)

Assuming that the pension received is Commuted 

1. In case of government employee - fully exempt

2 . In case of non government employee - It is subject to exemption

All the Pension related income is to be charged to Tax under Income from salary.

My dear Rakesh,

Here, the Pension is being received from (a) Regional Provident Fund Commissioner under 'Employees Pension Scheme' and (b) LICI under Pension Scheme.  Incase, it is received from past Employer, it could be shown under "SALARY" and accordingly it could be filled up in ITR-1, ITR-2, ITR-3 and ITR 4 giving the Employer's name, address etc.

But, the problem is giving  Employer's name, address etc., as neither the Regional Provident Fund Commissioner nor the Life Insurance Corporation is the Employer of the Assessee.

Kindly enlighten me.

Further,

As there is no Employer-employee relationship, such receipts should not come under "SALARY". It should come under "Income from Other Sources", although it is termed as PENSION. Kindly put your valued oinion.

 

RISHI BANERJEE

Retired from a private company. Getting pension from EPF. Is it taxable?

Pension or annuity should be part of salary n you get standard deduction on that. By putting in OS, you lose that benefit you are entitled for. EPFO or LIC can't be employer as they are paying pension or annuity on behalf of employer. Therefore employer should be the one you served all those years. Open for discussion.

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