12 July 2011
I am 62 year old female and got family pension and family pension arears of 3.8 lacs in FY 2010-11. Other than that i have got 65000/- as bank interest on deposits.I belive i have to file ITR1 in efiling.Is there a provision of deduction of 33 1/3% or 15000/- which ever is less for family pension under u/s 57(ii). But this deduction will be applicable to total income or to the income tax calculated ? Also i am unable to find the option for deduction under section 57(iia) in ITR1.Please help me as i want to e-file my tax returns myself. I am not getting the option in ITR1 while efiling to apply u/s 57(ii2). Where is that ?
12 July 2011
ITR-1(Sahaj) is the return form. Section 57(iia) deduction ie., 33 1/3% or Rs.15,000/- whichever is less has to be deucted from the family pension amount and not from the income tax calculated thereon.
12 July 2011
Standard deduction available u/s 57 is 1/3 of such pension or Rs 15000/- whcih ever is less and the balance is taxable under the head income from other sources.
in you case total income after standared dedcution comes to Rs. 430000/- exceeding the basic exempt limit.
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