Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Is Pension Commutation on Superannuation Taxable - A Reader's Query

T S Khurana |471 Answers |Ask -Follow

Tax Expert - Answered on Nov 29, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Aug 26, 2024Hindi

Listen

Money

Whether pension commutation amount on superannuation is taxable ? Whether there is any exemption limit ? I got Rs.29.85 lakhs pension commutation but no TDS was deducted. Kindly clarify.

Ans: Pension Commutation of Government Employee is fully exempt u/s 10(10A).
Most welcome for any further clarifications. Thanks.

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.

MoneyReply

You may like to see similar questions and answers below

Hardik Parikh |106 Answers |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 18, 2023

Question by Mahadeo - Jul 07, 2023Hindi

Listen

Money

Dear Mr. Hardik, I am retired and receiving superannuation from the annuity bought by my company. Is this amount quality as pension and if yes I am entitled for standard deduction? Mahadeo

Ans: Dear Mahadeo,

Thank you for reaching out with your question. Yes, the superannuation received from the annuity purchased by your company is considered as pension income in India.

As for the standard deduction, as per the Income Tax Act, a standard deduction of Rs. 50,000 is allowed on pension income. This means that you can reduce your taxable income by Rs. 50,000, which in turn reduces your tax liability.

However, I would recommend consulting with a tax advisor or a chartered accountant to understand the specifics of your situation and ensure you're taking full advantage of any deductions or exemptions you're eligible for.

I hope this helps!
Best,
Hardik

T S Khurana |471 Answers |Ask -Follow

Tax Expert - Answered on Aug 06, 2024

Question by SUNNY - Jul 31, 2024Hindi

Listen

Money

Sir, I get my pension after TDS. My doubt is whether the TDS also included in the total income for which I have to pay income tax.

Ans: Yes. IT is paid on Gross Salary income, including TDS.
Welcome for any further details.
Thanks.

T S Khurana |471 Answers |Ask -Follow

Tax Expert - Answered on Nov 23, 2024

Asked by Anonymous - Nov 20, 2024Hindi

Listen

Money

I have superannuation schrme with presemt employer and they have discountinued the same. I sm of age 54 years now and employer asked to withdraw 33% fund and balance fund will convert in pension scheme. I have question that this 33% fund will attract tax as per Invome tax of Indian Govt?

Ans: 01. Payment of 33% of Fund being received at the time of Voluntary Retirement/Superannuation is taxable under the head "Income from Salary." However, a maximum of Rs.5,00,000.00 is exempted u/s 10(10)(C), subject to certain conditions. Since your question does not specify the nature of Job, the Company in which you served, Length of service & Whether the scheme of Superannuation is approved or not etc,, it is difficult to give you a clear view.
Most welcome for any further clarifications. Thanks.

Latest Questions

Radheshyam Zanwar |1683 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on May 18, 2025

Question by Gowtham - May 18, 2025

Career

My son got 192.5 Cut off Can I get seat atTop ranking Tnea Engg councelling.

Ans: Hello Gowtham
Unable to understand the meaning of 192.5 cut off. Pl send your question again in the follow-up section. Thanks

Radheshyam Zanwar |1683 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on May 18, 2025

Asked by Anonymous - May 18, 2025

Career

My daughter got 95.14 percentile in JEE mains 2025, 95 % in class 12. What are her chances in engg college. General Category, Delhi

Ans: Hello dear
Strong chances are there to get a seat in a good and reputed engineering college, either in newly formed NITs or IIITs. Best of luck to your daughter.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |1683 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on May 18, 2025

Asked by Anonymous - May 18, 2025

Career

My daughter scored 92 percentile in JEE mains & 86% in CBSE. Can she able to get mechanical or ECE in NIT Suratkal with home state, girls quota?

Ans: Hello Dear
Chances are less to get a seat for ECE in NIT Surathkal, You have to compromise either the branch or the college. Try for IIITs. Best of luck to your daughter.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |1683 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on May 18, 2025

Asked by Anonymous - May 18, 2025

Career

My son has scored 87 percentile in jee mains with a crl of 195000 Any NIT IIIT POSSIBLE for any mid tier branch like mechanical ece civil etc

Ans: Hello Dear.
Chances are there to get a seat in core branches like Civil Mech, Elec. Keep close to the counseling process. Best of luck.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |1683 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on May 18, 2025

Asked by Anonymous - May 18, 2025

Career

Sir my son get 76 percentile in mains can help get cse in ipu delhi with delhi domicile

Ans: Hello Dear
With the mentioned score, chances are low for CSE in 1st round. You may to have to watch for further rounds. But keep other options also open. Best of luck to your son.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |1683 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on May 18, 2025

Asked by Anonymous - May 18, 2025

Career

I am getting CSE Shiv Nadar and COE Thapar. I am from Delhi. Which should I choose?

Ans: Hello dear
If you are financially sound, prefer Thapar; else, go with Shiv Nadar.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |1683 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on May 18, 2025

Asked by Anonymous - May 18, 2025

Career

VIT Bhopal or Heritage. Which is better. I live in kolkata.

Ans: Hello Dear
If possible, prefer VIT Bhopal
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |1683 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on May 18, 2025

Asked by Anonymous - May 18, 2025

Career

VIT Chennai ECE vs. SRM KTR ECE: Which is better?

Ans: Hello Dear
Prefer SRM KTR if possible.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |1683 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on May 18, 2025

Question by jay - May 18, 2025

Career

I am from Patna Bihar.My daughter is getting CSE at both SRM ktr in phase 1 and UPES.Which is better

Ans: Hello Jay
Prefer SRM KTR if possible.
Follow me if you like the reply. Thanks
Radheshyam

Radheshyam Zanwar |1683 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on May 18, 2025

Question by VIRENDRA - May 18, 2025

Career

Sir my son scored 20 preanctile in jee and home state Delhi. CSE from LPU or any good private college plz. Suggest

Ans: Hello Virendara
LPU and Amity are the best options for you.
Follow me if you like the reply. Thanks
Radheshyam

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x