Future Annuity benefits not taxable until received: ITAT Ahmedabad

Biswas Manik Vs ITO (ITAT Ahmedabad) Future Annuity benefits not taxable until received – Relief for VRS retirees from ITAT Ahmedabad-  Employer’s Rs 20 Lakh VRS Annuity payment not taxable in year of contribution – No vested right, Avoids Double Taxation Ahmedabad  ITAT deleted an addition of Rs 20 lakhs made as a perquisite u/s 17(2)(v), holding that an employer’s contribution to LIC for purchasing an annuity under a VRS scheme is not taxable in the year of payment if the employee has no vested right over the amount in that year. For Assessment Year 2018-19, Assessee submitted befo...