How to enter employer details in income tax return form for Pension earners

To enter pension income, one must:

  • Show amount received from annuity as pension under salary income
  • Employer’s name can be given as the Employer taxpayer was employed with
  • TAN can be mentioned of the payer, which may be the bank or LIC

how to fill up pension income

Pension may be received by a tax payer from an entity other than the employer. For example, the bank may be making you pension payments and providing its TAN information. This also happens in cases where the employer & tax payer have contributed together to an annuity fund, which pays the taxpayer pension out of the fund.

However, this situation may sometimes create a peculiar problem for the tax payer about how to report Pension Income and employer details in the income tax return form.

Payments are made by LIC, but taxpayer is not employed with LIC. The TAN available is of the deductor LIC.

In such a case the taxpayer must –

  • Show amount received from annuity as pension under salary income
  • Employer’s name can be given as the Employer taxpayer was employed with
  • TAN can be mentioned of the payer, which may be the bank or LIC

 

Hope this helps you successfully file your income tax return if you have earned a pension.

If you want to know how pension is taxed – read here.

For details on understanding how salary income is taxed – read here.

 

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