dear experts ,
is pension amount taxable or non taxable?
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income tax
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Uncommuted pension or any periodical payment of pension is fully taxable as salary.
Commuted pension or lump sum received may be exempt in certain cases.For a government employee, commuted pension is fully exempt.For a non-government employee, it is partially exempt.as follows:
If Gratuity is also received with pension – 1/3rd of the amount of pension that would have been received if 100% of the pension was commuted is exempt from commuted pension and remaining is taxed as salary.
And in case only pension is received, gratuity is not received – ½ of the amount of pension that would have been received if 100% of the pension was commuted is exempt.
pension amount is partly taxable.
Uncommuted pension (periodically received pension) is fully taxable in hands of govt. & non govt. employees.
commuted pension is exempt u/s sec. 10(10A)
Uncommuted pension (periodically received pension) is fully taxable in hands of govt. & non govt. employees.
commuted pension is exempt u/s sec. 10(10A)
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