Guest
asked 10 months ago
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Most pensions are but read the back of the 1099 form you received from them. It will tell you if it is or not or read the 1040 booklet. Anything that is listed as wages is taxable and some pensions that YOU may have paid half for is divided in half and only part is taxable. Most H&R Block co will answer your question over the phone too.
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Pension is a periodical payment received by an employee after his retirement and is taxed as salary.Pension is taxable under two heads
1.Uncommuted pension
Under this pension is taxable as salary u/s 15 of the Income Tax act in India in the hands of Govt as well as non govt employees
2.Commuted Pension
Under this Pension received by by an employee of Central,State,Local Authority and statutory corporations is wholly exempt from tax U/S 10(10A)(i). Judges of the Supreme and High Courts are entitled for exemption under the same above section.
1.Uncommuted pension
Under this pension is taxable as salary u/s 15 of the Income Tax act in India in the hands of Govt as well as non govt employees
2.Commuted Pension
Under this Pension received by by an employee of Central,State,Local Authority and statutory corporations is wholly exempt from tax U/S 10(10A)(i). Judges of the Supreme and High Courts are entitled for exemption under the same above section.
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Guest
answered 5 months ago
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