Bharat Pensioners Samaj

 Pension in respect of Gallantry Awardees – Income Tax at source is not be deducted: CPAO writes to Bank dt 22.08.2023 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF EXPENDITURE CENTRAL PENSION ACCOUNTING OFFICE TRIKOOT-II, BHIKAJI CAMA PLACE, NEW DELHI-110066 PHONES : 261 74596, 26174456, 26174438 CPAO/IT&Tech/ Misc. Corres/35 (Vol-II) (PF)/10370/2023-24/ 109 22.08.2023 OFFICE MEMORANDUM Attention is invited to this office OM No. CPAO/IT & Tech/Gallantry Award/26/2020-21/06 dated 12.05.2021 wherein it was stated that all the Pension disbursing banks are required to ensure that Income Tax at source is not be deducted from pension in respect of Gallantry Awardees, as per the Provisions of Section 10 clause 18(i) of the IT Act, CBDT Notification dated 24th November, 2000. 2. It is observed that the banks are not complying with the instructions as this office has been receiving grievances regarding deduction of income tax from pension of Gallantry Awardees. 3. In view o...

List of benefits available to Salaried Persons for AY 2023-24 (FY 2022-23) under Income Tax as amended by Finance Act, 2022 List of benefits available to Salaried Persons * [AY 2023-24] S.N. Section Particulars Benefits A. Allowances 1. 10(13A) House Rent Allowance (Sec. 10(13A) & Rule 2A) Least of the following is exempt: a) Actual HRA Received b) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi or Madras) c) Rent paid minus 10% of salary * Salary= Basic + DA (if part of retirement benefit) + Turnover based Commission Note: i. Fully Taxable, if HRA is received by an employee who is living in his own house or if he does not pay any rent ii. It is mandatory for employee to report PAN of the landlord to the employer if rent paid is more than Rs. 1,00,000 [Circular No. 08 /2013 dated 10th October, 2013]. 2. 10(14) Children Education Allowance Up to Rs. 100 per month per child up to a maximum of 2 children is exempt 3. 10(14) Hostel Expenditure Allowance Up to ...