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Mihir Tanna  |850 Answers  |Ask -

Tax Expert - Answered on Sep 01, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Somnath Question by Somnath on Aug 30, 2023Hindi
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Is pension amount taxable if total income exceeds exemption limit?

Ans: Taxability of pension income depends on various factors like whether it is received by government employees or non-government employees, whether it is family pension, whether it is lumpsum or commuted pension etc.

In case of family pension, Standard Deduction of Rs 15,000 or 1/3rd of the pension amount, whichever is lower, is available.

In case of gov employees, Commuted or lump sum pension is exempt from taxes.

Commuted or lump sum pension received by non-government employee is partially exempt depending on whether gratuity is also received by the person.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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