ITR - Commuted Pension
3 years ago
I changed by job December 2019. I my previous company we had supperannuation scheme where 15% of our basic was submitted in the superannuation account with LIC. However since there is no superannuation scheme in my new company, I withdrew my superannuation amount. 30% of the superannuation amount (which comes to approx 4.5 Lakhs) I received as upfront payment from LIC after deducting tax (After deduction I received approx 3.3 Lakhs). The rest I opted for monthly pension for the next 15 years. I also got gratuity from my previous company. I find under secton 10 10(A), commuted pension upto 1/3 part is non taxable for non Govt Employees if they receive gratuity. Can I therefore show Rs 1.35 Lakhs (1/3 part Rs 4.5 Lakhs) as non taxable and claim a tax refund on the additional Tax paid.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
The concerned professional could be contacted
You should approach the concerned professional