Income tax on pension: How various pension schemes, annuities are taxed
Income tax on pension: As per the income tax laws, any money or benefit received in connection with your employment present and past is taxed under the head salaries
I was working in a private sector company and retired recently. I receive a monthly pension from the Superannuation Fund (managed by LIC) as per the terms of my employment. The contribution to the superannuation fund was made by my employer. I also receive a monthly pension from EPFO under the Employees’ Pension Scheme 1995 and a monthly instalment from LIC in respect of my Jeevan Suraksha policy which I bought 12 years back. I receive a monthly pension from LIC in respect of my Pradhan Mantri Vaya Vandana Yojana. Kindly clarify under what head of income each of the above receipts is to be declared in the Income Tax return and whether there is any exemption applicable for any of the above receipts.