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of <h1>Retirement Pension Tax: Uncommuted Fully Taxable, Commuted Partly Taxable; Tax Implications Based on Gratuity Received.</h1> An individual retires from a company on 31st July 2014, receiving a monthly pension of Rs. 1,000 until 31st December 2014. From 1st January 2015, 60% of the pension is commuted for Rs. 1,70,000. For non-government employees, uncommuted pension is fully taxable, while commuted pension is partly taxable. The total uncommuted pension taxable as salary is Rs. 6,200. If no gratuity is received, Rs. 1,41,667 of the commuted pension is exempt, making Rs. 28,333 taxable. If gratuity of Rs. 3,000 is received, the exemption is Rs. 94,444, and Rs. 75,556 of the commuted pension is taxable.
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