The Income Tax Portal has updated the system for Form 10-EE (‘Taxation of income from retirement benefit account maintained in a notified country’) to be filed in compliance with rule 21AAA for Financial Year 2021-22 is available for filing on the income tax portal. Kindly file the form within the due date specified if the same applies to you.
Any money received under voluntary retirement scheme drawn up in accordance with prescribed rules is exempt upto a maximum limit of Rs. 5 lakhs under Section 10(10C).
In the ITR, the taxpayers have to choose the ‘Pensioners’ option in the field ‘Nature of Employment’ under the salary schedule. The pension income taxable as ‘salary’ has to be reported by mentioning the name, address, tax collection account number (TAN) of the employer and the tax deducted (TDS) thereon.
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