I am a retired Indian army officer and I receive defense pension. On certain revision of pension rules by the government I received arrears of pension amounting to Rs. 10,86,984/- on 22 Nov 2016. My taxable income is already more than Rs. 10 lakhs. Therefore this arrears of pension will fall fully in the 30% tax bracket. These arrears pertain to a 10 year period from FY 2005-06 to FY 2014-15. Can I claim exemption u/s 89(1)?
I wish to seek your professional opinion on this matter. I am willing to pay for your services. I can send you full particulars (in Excel format) of the calculations.
Jan. 22, 2018