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
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.
| 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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