ALL VETERANS ARE REQUESTED TO SEE THE WEB SITE & GIVE YOUR VALUABLE COMMENTS/SUGGESTIONSGet this Widget

Friday, 6 April 2018

Standard Deduction Applicable for Pensioners

Standard Deduction Applicable for Pensioners – Clarification Press Information Bureau Government of India Ministry of Finance--05.04.18 05-April-2018 13:55 IST

Clarification regarding applicability of standard deduction to pension received from the former employer The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”. The Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961(“the Act”) to provide that a taxpayer having income chargeable under the head “Salaries” shall be allowed a deduction of Rs 40,000/- or the amount of salary, whichever is less, for computing his taxable income.
Accordingly, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a deduction of Rs 40,000/- or the amount of pension, whichever is less, under Section 16 of the Act.   Earlier, the representations were received seeking clarification as to whether a taxpayer, who receives pension from his former employer, shall also be eligible to claim this deduction.

*****

DSM/AM/KA

Blog Archive

Disclaimer

The contents posted on these Web Site are personal reflections of the Viewers and do not reflect the views of the "Indian Military Veterans- Web" Team. Neither the "Indian Military Veterans -Web" nor the individual authors of any material on these Web accept responsibility for any loss or damage caused (including through negligence), which anyone may directly or indirectly suffer arising out of use of or reliance on information contained in or accessed through these Web.
This is not an official Web site. This forum is run by team of ex- Indian Army, Veterans for social networking of Indian Defence Veterans. It is not affiliated to or officially recognized by the MoD or the AHQ, or Government/ State.
The Indian Military Veterans Forum will endeavor to edit/ delete any material which is considered offensive, undesirable and or impinging on national security. The WebTeam is very conscious of potentially questionable content. However, where a content is posted and between posting and removal from the Web in such cases, the act does not reflect either the condoning or endorsing of said material by the Team.
Web Moderator: Capt KS Ramaswamy (Retd)

Resources


JOIN SITE AS MEMBER AS ABOVE & TYPE YOUR E-MAIL ADDRESS HERE FOR AUTO E-MAIL UPDATES