Itr 2-employer details

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IF YOU ARE RETIRED AND RECEIVING LIC ANNUITY, THEN WHAT NAME OF THE EMPLOYER TO BE MENTIONED IN SALARY DETAILS PAGE?
Replies (8)

You are not required to fill any detail in the schedule S. In Part A - General, under Employer Catagory: select Not Applicable

Thank you for the clarification. However, the annuity or the pension figures will continue to be shown under salary head?

No there is no employer-employee relation for salary. The annuity is shown under "Income from Other Sources' head.

Thank you. However, the TDS deducted by LIC from annuity and the Form 16 issued by LIC shows TDS deduction under Section 192 and the form 16 shows the name of employer as LIC. The income tax act also says that salary includes annuity and pension. Does it mean that annuity income received from LIC is to be shown as part of salary and employer details to be shown as LIC under salary income schedule of ITR2?

"TDS deduction under Section 192 and the form 16 shows the name of employer as LIC."
Yes, you can show the annuity income under SALARY head.

In this situation annuity received is taxable, right?

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In any case, annuity received is taxable, if it exceeds exempted taxable income. This is my view. Some CA may pl confirm.


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