becker cma

Limited Period Offer Avail 20% discount in all subjects CA,CS and CMA,Coupon- OFFER20 Call: 088803-20003

CA Final Online Classes

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Lic pension


Bhola Nath Roy   24 January 2021

Bhola Nath Roy

 14 points

| My Other Post
Is pension received of Rs. 20000 from LIC Jeevan suraksha policy is taxable for senior citizen?
Anoushka Paliwal

Anoushka Paliwal   24 January 2021

Anoushka Paliwal

 8 likes  110 points

View Profile | My Other Post
It is not taxable
Leena Raghuvanshi

Leena Raghuvanshi   24 January 2021

Leena Raghuvanshi

 6 likes  86 points

View Profile | My Other Post
Hello Bhola Nath Roy,
LIC pension received is exempt from Tax for all individuals and HUF.
Thanks and Regards,
RA
Krishna Chaudhary

Krishna Chaudhary (Accountant)     24 January 2021

Krishna Chaudhary
Accountant 
 597 likes  4468 points

View Profile | My Other Post
Exempt
6 Like
CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant)     24 January 2021

CA Rashmi Gandhi
Chartered Accountant 
 4500 likes  56379 points

View Profile | My Other Post
Pension rceived from Jeevan Suraksha is exempted u/s 10(23 AAB)
Sourav

Sourav (Student)     24 January 2021

Sourav
Student 
 249 likes  3809 points

View Profile | My Other Post
Exempt
ayusmita

ayusmita (Tax consultant)     24 January 2021

ayusmita
Tax consultant 
 371 likes  5573 points

View Profile | My Other Post
As per section 10(23AAB) it is exempted
Krishna Chaudhary

Krishna Chaudhary (Accountant)     25 January 2021

Krishna Chaudhary
Accountant 
 597 likes  4468 points

View Profile | My Other Post
LIC/any other approved fund may pay pension to an individual from the funds contributed by the employer. Commuted pension received from such fund is exempt whereas uncommuted pension from such fund is taxable under the head 'Income from Salaries'.
3 Like
CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant)     25 January 2021

CA Rashmi Gandhi
Chartered Accountant 
 4500 likes  56379 points

View Profile | My Other Post
@ Krishna Chaudhary. Completely disagree with you , there is specifically governing Section 10(23AAB) in respect of LIC Pension.
1 Like
Krishna Chaudhary

Krishna Chaudhary (Accountant)     26 January 2021

Krishna Chaudhary
Accountant 
 597 likes  4468 points

View Profile | My Other Post
@ rashi Gandhi.
un computed pension is taxable . Read the whole section..

Clause (23AAB) of Section 10 exempts from income-tax the income of the fund set up by LIC or any other insurer under a pension scheme. It does not apply to the income of the pensioner who receives the pension from such funds. Thus, the un-commuted pension received from LIC’s pension fund is not covered by Section 10 (23AAB) and the same is taxable in the hands of the recipient. 
2 Like

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Related Threads


Loading


Trending Tags