No standard deduction on family pension under Income tax Act

By | June 18, 2018
(Last Updated On: June 18, 2018)

No standard deduction on family pension

Whether Rs 40,000 allowed as standard deduction for employees and pensioners also applicable for family pensioners?

A deduction of Rs 40,000 would be allowable against the income which is taxable under the head “Salaries”. The family pension is normally received after the death of an employee.  Deduction of Rs 40,000 would not be allowable in respect of family pension of such a nature as such income is taxable under the head “Income from other sources”

Related Post

Govt clarify standard deduction to pension received from former employer : Press Release 05.04.2018

Budget 2018: Reintroduce standard deduction for salaried assessees :  ICAI Pre-Budget Memorandum–2018

Income Tax Deductions AY 2019-20 (FY 2018-19)

Income Tax on Family Pension

Family pension to divorced daughters

When Pension Income is not Taxable under Income Tax Act ?

TDS on Income from Pension

 

Leave a Reply

Your email address will not be published.