18 August 2014
Retired army man get pention after retirement Then this pention is taxable or nontaxable? If taxable; then how calculate tax on pention?
18 August 2014
It is taxable. Consider pension in salary head. Aggregate 12 months pension and if the total is more than basic exemption limit, you have to pay tax. Basic exemption limit for F.Y. 14-15 is Rs.3,00,000 for senior citizen (60 years or more age).
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