Partha Chattopadhyay 24 September 2020

Income tax

A psu company pays pension to an ex-employee through a nationalised bank. But why the pension paid is not shown in 26 (AS)? While mentioing this pension in ITR1, will it not be classified as tax-credit mismatch?

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This discussion addresses a common issue where pension payments from a PSU, disbursed through a nationalised bank, are not reflected in the ex-employee's Form 26AS. It raises concerns about potential tax credit mismatches when filing ITR1. The content suggests filing an RTI application to the PSU for clarification and reminds that an employer's obligation is primarily TDS deduction if the pension exceeds the taxable limit. Pensioners can also obtain disbursement certificates from their employer.

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G.L.N. Prasad (Retired employee.) 25 September 2020

File RTI Application to such PSU and seek information as to the reasons for not disclosing the pension income in 26 (AS). The obligation of the employer is only for the deduction of TDS if the pension is above the taxable limit. The pensioner can demand and get such certificates from his employer showing the pension disbursement in one year.