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    survekiranr's Avatar
    survekiranr Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 21, 2017, 02:34 AM
    Is pension income taxable?
    I get 1995 scheme pension and
    Annuity link LIC pension.

    Is this income taxable?
    Tatla's Avatar
    Tatla Posts: 55, Reputation: 5
    Junior Member
    		  
    #2

    Jul 21, 2017, 06:26 AM
    If you are in India, your income tax is taxable, as per the Income Tax, 1961. However, "Withdrawals from retirement plans - If a plan was funded with pre-tax dollars, whether by you or your employer, it will result in taxable retirement income when withdrawn.. . Pension income - Most pensions are taxable, however some types of military pensions or disability pensions may be partially or entirely tax-free." At the same time, if you have LIC scheme, which covers under the rules, for exemption, it will be tax-exempted, but not more than that which is permitted. I shall be happy to help if you intimate me about the country you live in.

    If you are in India, your income tax is taxable, as per the Income Tax, 1961. However, "Withdrawals from retirement plans - If a plan was funded with pre-tax dollars, whether by you or your employer, it will result in taxable retirement income when withdrawn.. . Pension income - Most pensions are taxable, however some types of military pensions or disability pensions may be partially or entirely tax-free." At the same time, if you have LIC scheme, which covers under the rules, for exemption, it will be tax-exempted, but not more than that which is permitted. I shall be happy to help if you intimate me about the country you live in.
    talaniman's Avatar
    talaniman Posts: 54,327, Reputation: 10855
    Expert
    		  
    #3

    Jul 21, 2017, 07:03 AM
    For accurate answers your country is the key information needed, as many countries have similar retirement tax policies in place.
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