Tag - commuted

INCOME FROM PENSIONS

Pension is a retirement benefit; this is taxed as salary in the hands of the employee. Tax is deductable under section 192 of income tax act on payment. Family pension received by the dependence of the employee is taxable under the head income from other source. TDS is not deductible on family pension as it is not covered under section 192 of the Income tax act Exemption under section 10 (18) if any income by way of pension [...]

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