1) I receive monthly pension from the Superannuation Fund (managed by LIC) as per the terms of my employment. I was working in a private sector company and retired recently. The contribution to the superannuation fund was made by my employer.
2) I receive monthly pension from EPFO under the Employees Pension Scheme 1995.
3) I receive monthly installment from LIC in respect of my Jeevan Suraksha policy which I took some 12 years back.
4) I receive monthly pension from LIC in respect of my Varishth Pension Beema Yojana 2017 for which I had invested some amount.
Kindly clarify under what head of income each of the above receipts is to declared in the Income Tax return and whether there is any exemption applicable for any of the above receipts. If yes please provide the complete details such as Section No and the amount of exemption available.
I request to you reply me at the earliest.
Ameet Patel Ameet N Patel is a chartered accountant and former President of Bombay Chartered Accountants Society - BCAS
Subodh V Shah CA Subodh V Shah is a Fellow Member of the ICAI. A merit ranker throughout his career, he stood 3rd in CA Intermediate and 17th in CA Final. In addition he also got the prize of ICAI for scoring the highest marks in Direct Taxes at CA Final. He is practicing Chartered Accountant as well as a teacher for over 20 years.
Ameya Kunte Ameya Kunte is a Tax Professional, Chartered Accountant & Co-founder - Taxsutra.com
Nikhil Vadia CISA qualified Nikhil Vadia is a Chartered Accountant in practice since 1997
Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on financial and tax related issues
Debashis Basu Debashis Basu is the co-founder of Moneylife, a CA by qualification with three decades of experience as a journalist and author of several books
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