Know the different kinds of pensions and if you are liable to pay tax on them
A pension is a payment under which your employer provides regular income when you stop working after the age of 60. When you retire, you have an option to receive a pension in periodic instalments (usually monthly), or receive some lump sum initially and reduce your monthly income to that effect. These are called commuted and uncommuted pensions respectively.
This article was originally published on August 03, 2022, and last updated on November 17, 2022.
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