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?
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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:
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The annuity received from LIC is considered as “Pension” or “Annuity Income”.
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It should be reported under the head:
“Income from Other Sources” in the ITR.
2. Standard Deduction on Annuity Income:
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No standard deduction is allowed on annuity income received under such policies.
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Standard deduction is typically applicable only to salary income, not pension or annuity.
Additional Notes:
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If tax is deducted at source (TDS) on the annuity, ensure to claim credit in your ITR.
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This income is fully taxable as per your slab rates.
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