if a person retired from food corporation of india in march. 2014 & after that getting pension 26500/- per month then the total pension received is 318000 for financial year 2014-15.
would the income is taxable or not :
if not then why
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Pension income is taxable or not
Replies (2)
Hi,
Penison is taxable in excess of taxable limits. There is no exemption precisely for pension salary.
Still it falls under Salary and it is taxable.
Thanks,
Suri
Source : CA Deepesh Ruhela
Hello @ Mr.Sunny
As you mention that person is government employee but he received periodical payment ….so it is taxable as salary..
Tax is deductible on pension income under section 192 of Income Tax act on payment.
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