Is Pension Taxable?
Answer:
Is industrial injury pension taxable
Pension is a periodical recompense received by an employee after his retirement and is taxed as salary.Pension is taxable beneath two heads
1.Uncommuted pension
Under this pension is taxable as pay u/s 15 of the Income Tax act in India in the hand 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 utterly exempt from tax U/S 10(10A)(i). Judges of the Supreme and High Courts are entitled for exemption under the same above branch.
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 to be precise listed as wages is taxable and some pensions that YOU may have remunerated half for is divided in half and just part is taxable. Most H&R Block co will answer your question over the phone too.
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