Taxability of monthly pension from Employee Pension Scheme 1995
I have started getting monthly pension under EPS. Let me know if this is taxable and if so under what head?
It does not fall under the definition of salary as it is not being paid by employer. It does not fall under the definition of pension as it is not paid by employer. It does not fall under family pension as I am receiving it directly. It seems more like annuity payment from a super annuation fund which is tax exempt. more
No deduction is available, like family pension. Taxable under "Income from other sources" more
It is taxable under Other sources of income. But may check with CA> more
I do not think the standard deduction similar to pension received by the family is applicable. You can double check with your CA. more
Thankyou Mr. Arora, Mr. Jain. Like in case of pension paid to family, standard deduction of lower of 1/3 amount or 15000 is admissible, will the same be applicable if the pension is received by me. more
Yes, Mr. Arora is right. It is taxable under 'Income from Other Sources (Chapter IV F)'. more