Pension plan amount in ITR2

Declare it under Salary Category::  pensioner ..Others..

Sir, I am not a pensioner and neither I am working as salaried employee. 

I have to use ITR2 because I am director in a company and have income under 'Other Sources'.

This amount is from LIC pension plan which I had taken 20 years back and I received annual payout of 9k.

As such any regular pension received under such plans are assessed under head salary.

If you wish, you can declare it in IFOS ... under Other... (but not under family pension).... only OTHER... i.e. new Tab.

Annuity from an LIC pension plan is Other Sources:

• Pension or annuity from an insurance pension plan (e.g. LIC Jeevan Akshay or Jeevan Shanti) isn't "salary" (no employer). It's taxable under "Income from Other Sources" in the year received, at slab rates.

• No standard deduction applies (the salary standard deduction is for employer pensions).

• If you claimed 80CCC on premiums earlier (old regime), the annuity is taxable in full (Sec 80CCC(2)). Commuted lump sums (up to the allowed portion) at vesting are exempt under 10(10A)(iii) for 80CCC funds.

• Report it in Schedule OS ("Any other income", e.g. annuity from LIC). Claim TDS (if any) under 194DA (not common for annuities).