WebMay 19, 2011 · Uncommuted pension is taxable as salary in the hands of a Government employee as well as a non-government employee. Commuted pension received by government employees is wholly exempt from tax. Also in the case of Supreme Court and High Court Judges, the entire commuted value of pension is exempt. WebFully Exempt. 3. 10(10A)(ii) Commuted Pension received by other employees who also receive gratuity. 1/3 of full value of commuted pension will be exempt from tax. 4. 10(10A)(iii) Commuted Pension received by other employees who do not receive any gratuity. 1/2 of full value of commuted pension will be exempt from tax. 5. 10(19)
Know your partial and full commutations - SMS Magazine
WebMar 28, 2024 · Uncommuted Pension Commuted Pension It refers to pension received periodically.(Monthly ,Quarterly or Annually) It means lump sum amounttaken by … WebJul 23, 2024 · 5. Family Pension: Pension is the payment made by the employer after the retirement/death of the employee as a reward for the past service. When this payment is made periodically, it is referred to as uncommuted pension. When a portion of the payment is foregone to receive lump sum amount, it is referred as commuted pension. hockey club lokeren
Retrenchment Compensation [Section 10(10B)] - Taxability Of …
Web11 rows · Oct 28, 2013 · The Department of Pension & Pensioners Welfare is the nodal department for formulation of policies relating to pension and other retirement benefits of … WebJun 5, 2024 · PENSION [Sec. 10 (10A)] Pension can be divided into two types: Uncommuted Pension Commuted Pension Uncommuted Pension - It is fully taxable as … WebMar 16, 2024 · On 1.2.2016, he commuted 60% of his pension and received Rs 3,00,000 as commuted pension. You are required to compute his taxable pension assuming: He is a government employee. He is a non-government employee, receiving gratuity of Rs 5,00,000 at the time of retirement. hockey club luzern