Pension is a monthly payment made by the employer after the retirement or death of the employee as a reward of past services. Its always taxable under the head income from salaries. Income tax act provides exemption if the employee has opted for commutation. Therefore, employees getting commuted pension can avail exemption benefits while paying tax. What is commuted pension It … [Read more...] about Income Tax Provisions On Pension
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Section 80CCD – Tax Deduction In Respect Of Contribution To Pension Scheme Of Central Government
Section 80CCD is applicable to an Individual in the employment of Central Government or any other employer on or after 1-1-2004 or any other tax payer being an individual. From assessment year 2009-10 onwards, even a self employed person can take benefit of section 80CCD deduction. The tax payer will be eligible for deduction under section 80CCD if deposit or payment made by … [Read more...] about Section 80CCD – Tax Deduction In Respect Of Contribution To Pension Scheme Of Central Government