Pension under eps95 - taxability - how to present in itr

6725 views 9 replies
I am a retired person, getting Rs.1933/ pm as pension under EPS 95 scheme, from 'Employees Provident Fund Organisation'. I have other income from bank interest/rental and I need to file return. I Wish to know a) the taxability of this pension amount b) any standard deductions applicable and if so, how much and under which section c) where to show this income in tax return form (salary or other income) d) if it is to be shown as salary, what needs to be entered for employer details, such as name, address, pan no., etc. In itr form Request answers to my above queries at the earliest possible..
Replies (9)

EPS'95 pension is to be treated as salary and should be shown as income from salary however small the monthly amount is. Employer details would be Bhavishya nidhi, and address is the paying office, no need for PAN and form 16 as it is provided by EPFO and no TDS is deducted also. there is no standard deduction your total income including pension and other income (bank interest) to be added and fill up ITR 1 if you have no other income from business or proffession or capital gains, you get your tax calculated automatically with all deductions applicable including the Rs.3000 discount

Thank you for ur reply.  But, what is the Rs.3000/- discount u mentioned?  Can u pls explain?

In case the your total taxable income falls below the tax limits (for your it would be Rs.3 lacs) then it is applied by ITR calculator automatically while filling the form.

 

what is the last date for filing itr1 form for ay2016-17?

last date is 31st July,2016. sorry for the mistake it is Rs.2000 rebate you get not Rs.3000 under 87A

thanks

Babu

In view of latest budget provision of standard deduction of 40K, for this EPS pension of Rs 1933 per month, how much standard deduction can be claimed; (If his taxable income is more than 40k considering eps pension and bank interest, STCG  etc).

And, on ITR1 form, where will Rs 40000 standard deduction get mentioned?

The standard deduction is applicable from next year i.e. AY20190-20. Let's wait and watch how IT dept would release the form

Originally posted by : babugr
The standard deduction is applicable from next year i.e. AY20190-20. Let's wait and watch how IT dept would release the form

AY 2019-20, the Standard Deduction has been made part of Form16 and has not been included in the programmed ITR form. This may have been done so that only salaried can get the standard deduction benefit and not the pensioners and others.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register