Pension received by a retired employee under EPS 95 is to included under the head salaries in the ITR. If the employer had also taken Common annuity plan, for all employees, from LIC and the retired employee receives pension regularly from LIC, does he have to show the amount being regularly received from LIC under the head salaries, as the annuity was taken by his employer? If in addition, if the person also gets pension under PM Vayavandana how is that amount to be shown in the ITR, i.e., as Income from other source or as pension, since the nomenclature used is Pension?
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Pension received from several sources
Replies (3)
If the employer has taken common annuity plan for all the employees it will be also be covered under the head salary, & pension from PM vayavandana will be covered under income from other sources.
Here annuity plan taken by employer is on behalf of the employee. & emoloyer employee relationship is also stabilised so it will be perquisites & taxable in the hands of employee where as in pm scheme employers employee relationship is not established & any amount to be constituted as salary only when employer - employee relationship is established.. & pm scheme even doesn't constitue in any other head so it will be termed under ifos
Here annuity plan taken by employer is on behalf of the employee. & emoloyer employee relationship is also stabilised so it will be perquisites & taxable in the hands of employee where as in pm scheme employers employee relationship is not established & any amount to be constituted as salary only when employer - employee relationship is established.. & pm scheme even doesn't constitue in any other head so it will be termed under ifos
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