TaxTMI 
TaxTMI 
Pension - [Section 10(10A)]
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....sts connected with defence or of civil posts under the Union (such members or holders being persons not governed by the said Rules) or * to the members of the all-India services or * to the members of the defence services or * to the members of the civil services of a State or holders of civil posts under a State or * to the employees of a local authority or a corporation established by a Central, State or Provincial Act; [ Section 10(10A)(i) ] * Any payment in commutation of pension received from a fund under clause (23AAB) of the section 10 of the Income Tax Act, 1961 by the Life Insurance Corporation of India or any other insurer under a pension scheme to which contribution is made by any person for the purpose of receivin....
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....ide Circular No. 623 dated 6-1-1992. Payment in commutation of pension received by any other employee [ Section 10(10A)(ii) ] * In case of any other employee, if the employee receives gratuity, the commuted value of one third (1/3) of the pension is exempt, otherwise, the commuted value of ½ of the pension is exempt. * If payment in commutation of pension received by the employee exceeds the aforesaid limits. Such excess is liable to tax in the assessment year relevant to the previous in which it is due or paid .The assessee can,however, claim relief in term of section 89 read with rule 21A . * Income From NPS does not include in the Total Income * Any payment from the....
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....sp; xxx COMPUTATION OF PENSION AMOUNT EXEMPT: * Received from Government Employer: Fully exempt from Income Tax. * Pension received from Non-Government Employer: The following shall be exempt: * If Gratuity is received along with pension: 1/3rd of the amount of pension which he would have received had he commuted 100% of pension. * If no Gratuity and only Pension received: 1/2 of the amount of pension which he would have received had he commuted 100% of pension. National Pension System, in case ....