recently I retired from private firm. after getting PF, I am now getting small amount of pension from EPFO. Can I claim standard deduction once this amount.
Also in 35 years of service some amount was deducted under the head Super Annuation which was invested in LIC and now I get annual pension from LIC. Can I claim standard deduction on this pension
Menu
pension and standard deduction
Replies (3)
Standard deduction is a a standard amount which is 40000 or gross income whichever is less. For AY 2020-21 it is raised to 50000.
Yes you can claim
You are entitled to claim standard deduction
Recent Topic
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Which ITR form
- Form 103 id delayed for submission for more than 1
- Composition scheme
- Input tax credit under igst under insurance compan
- ITR Form to be used
Related Topics
CAclubindia
