Dear Sir,
Sorry to say we deal with taxation issues on this platform. Advocates who are practicing in labour law will be well versed with these types of matters.
Thanks
My name is Pratik Narendra Gondane, my father was a SENIOR MANAGER - BR at Bank of India. He passed away on 26th March 2017 while on service. His last pay for Feb 2017 was Rs 92507.57/-. As of today, my mother receives a pension of Rs 25832.25/- for July 2018 (Pension + D.Relief, where a pension is approx 17000 and D.Relief is approx 8000). I have read in some blogs that the pension received will be 30% of the last pay. So my question is, the pension received by my mother is correct or is it less? If its possible can you please help me with this or can you suggest who can help me with this.
Dear Sir,
Sorry to say we deal with taxation issues on this platform. Advocates who are practicing in labour law will be well versed with these types of matters.
Thanks
Dear Sir,
Hope you are doing well !
Ordinarily, family pension is paid @ 30% of the pay last drawn by the Government at the time of his retirement/death. However, from 1.1.2006, where a person not governed by the Workmen’s Compensation Act dies while in service after rendering not less than seven years continuous service, the rate of family pension shall be equal to 50% of last pay drawn from the date of death of deceased Government Servant, payable for a period of ten years provided that the deceased employee had completed seven years of continuous service.
Please check the same.
Thanks & Regards,
Payal Chhajed
From what I have read online from FAQ on pension scheme of central civil service the pension amount is 50% of last pay or average of last 10months pay whichever is higher.
From that I guess what you are getting is less.
You can ask the bank about their pension policy.
Since its a family pension it will not be taxed full.
Hi Pratik
We deal in tax related matters. You should consult a lawyer for this. Sorry for the inconvenience.
Further, for income tax purposes, your father's ITR for FY 16-17 had to be filed by his legal heirs. Hope you've done so.
Hi
The pension amount is 50% of last pay or average of last 10 months pay whichever is higher. My advise is to check with the bank also.
Also recommend that you consult a good lawyer as well.
Regards,
Nikhil