Pension under eps95 - taxability - how to present in itr
Murthy (Retired) (30 Points)
30 April 2016Murthy (Retired) (30 Points)
30 April 2016
babugr
(dgm)
(509 Points)
Replied 30 April 2016
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
Murthy
(Retired)
(30 Points)
Replied 01 May 2016
Thank you for ur reply. But, what is the Rs.3000/- discount u mentioned? Can u pls explain?
babugr
(dgm)
(509 Points)
Replied 01 May 2016
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.
M.MD.NAJEEB
(Others)
(27 Points)
Replied 11 June 2016
what is the last date for filing itr1 form for ay2016-17?
babugr
(dgm)
(509 Points)
Replied 12 June 2016
last date is 31st July,2016. sorry for the mistake it is Rs.2000 rebate you get not Rs.3000 under 87A
thanks
Babu
Dashrath Memane
(2 Points)
Replied 03 February 2018
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).
J S BHAVSAR
(CONSULTING)
(1288 Points)
Replied 10 July 2018
And, on ITR1 form, where will Rs 40000 standard deduction get mentioned?
babugr
(dgm)
(509 Points)
Replied 10 July 2018
The standard deduction is applicable from next year i.e. AY20190-20. Let's wait and watch how IT dept would release the form
J S BHAVSAR
(CONSULTING)
(1288 Points)
Replied 28 July 2019
Originally posted by : babugr | ||
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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.
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