Superannuation annuity under which header for retired person

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.