if a person who was working in pvt company, on retirement is getting Superannuation annuity yearly once from LIC which was given by the employer in group policy , ...under which header is the annuity income to be shown and can standard deduction be claimed on this?
Menu
Superannuation annuity under which header for retired person
Replies (1)
Hi Neha,
For a retired person receiving superannuation annuity from LIC (under a group policy provided by the employer), here’s how it should be reported in the Income Tax Return (ITR):
1. Under Which Head to Show Annuity Income:
-
The annuity received from LIC is considered as “Pension” or “Annuity Income”.
-
It should be reported under the head:
“Income from Other Sources” in the ITR.
2. Standard Deduction on Annuity Income:
-
No standard deduction is allowed on annuity income received under such policies.
-
Standard deduction is typically applicable only to salary income, not pension or annuity.
Additional Notes:
-
If tax is deducted at source (TDS) on the annuity, ensure to claim credit in your ITR.
-
This income is fully taxable as per your slab rates.
Recent Topics :
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
- Query regarding exemption under Section 10(10AA) &
- NPO registered under sec 8 itr filing
- Form 144 (Earlier 27Q) – Reason Code (A/C/G/
- Nps taxation
- Representative assessee
- Investment Income as Business Income for Sec. 44AD
- In ITR 4 u/s 44ADA what amount we shoud show under
Related Topics :
CAclubindia
