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Individual income tax


VIJAY D KULKARNI (SENIOR ASSISTANT (RETD ))     24 March 2015

VIJAY D KULKARNI
SENIOR ASSISTANT (RETD ) 
 44 points

| My Other Post

SIR,

I AM RETIRED BANK EMPLOYEE,RETIRED ON 30 SEP 2014. I STARTED RECEIVING PENSION FROM

1 NOV 2014 ( OCT PENSION). MY QUERIE IS WHETHER TO INCLUDE OR EXCLUDE MY PENSION OF

MAR 2015 WHICH I WILL BE RECEIVING ON 1 APR 2015 WHILE FILING IT RET FOR F.Y. 2014-2015.PL ADVICE

VD KULKARNI

SOLAPUR

avater

Jay Kumar Ratan (Partner Legal & Financial Services)     24 March 2015

Jay Kumar Ratan
Partner Legal & Financial Services 
 57 likes  793 points

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Dear Sir

 

As per income tax act 1961, pension covered in defination of salary and salary is taxable on (due or receipt whichever Earlier) basis.

 

But you could considered your receipt date as due date and pension received on 01-04-2015 could be taxed in FY 2015-16.

But same practice shuold be followed on consistant basis. 

avater

Vishal Goel (Chartered Accountant)     25 March 2015

Vishal Goel
Chartered Accountant 
 144 likes  1688 points

View Profile | My Other Post

Originally posted by : Jay Kumar Ratan
Dear Sir

 

As per income tax act 1961, pension covered in defination of salary and salary is taxable on (due or receipt whichever Earlier) basis.

 

But you could considered your receipt date as due date and pension received on 01-04-2015 could be taxed in FY 2015-16.

But same practice shuold be followed on consistant basis. 

 


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