Government pension: Pension received from the state or central government is fully taxable under “salary” in income tax returns.įamily pension: The legal heirs of a deceased person, who was receiving a pension, receive this amount. Tax treatment of different types of pension: Here is everything you need to know about how to file pension income in your tax returns: Those under the new scheme are exempted if their annual income is below Rs 2.5 lakh. Senior citizens who get up to Rs 3 lakh as pension annually are exempted from payment of income tax under the old taxation regime. For the purpose of taxation, an individual resident who is 60 years or more, but less than 80 years, at any time during the previous year, is considered as a senior citizen.Ī person who is 80 years or above any time during the year is considered as a super senior citizen. The pension is taxed as income from salary by the Income Tax Department. Income Tax Return: If you have retired from your job, you still need to file ITR on the pension you receive.
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