I am a retired officer of a private bank. I am getting pension but it is paid through LIC as an arrangement between the bank and LIC. THE query is whether the pension is to be reported under salary income so that I can claim standard deduction.
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Whether pension is eligible for standard deduction
Replies (1)
Yes, standard deduction is available.
Sec. 16(ia) says, a deduction of forty thousand rupees or the amount of the salary, whichever is less
And as per Sec. 17(1)(ii), salary includes any annuity or pension
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