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Deduction
Direct Taxation
In section 80CCD, on the closure of the account or opting out of the pension scheme, 60% of the withdrawal is exempt then 40% is chargeable under which head of income?
Answers (2)
Section 17(1)(iii) includes pension and annuity. Section 17(2)(vii) includes NPS contribution as perquisite. Section 17 says "For the purpose of sections 15 and 16" So, for employee, it should be taxable under salaries but if it is not employee then it is taxable under other sources.
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