Individual income tax

VIJAY D KULKARNI (SENIOR ASSISTANT (RETD )) (48 Points)

24 March 2015

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

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2 Replies

J. K. Ratan (Compliance Advisor) (794 Points)
Replied 24 March 2015

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.

Vishal Goel (Chartered Accountant) (1688 Points)
Replied 25 March 2015

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.