Query on calculation of income tax.-very urgent.
This query is : Resolved
CS M.Kurtrala Nathan
(Querist)
04 April 2013
whether individual pension and family pension should be included for calculation of income tax for senior citizen women. Hope family pension comes under income from other sources.so it should be included right.? If both incomes are clubbed together then there will be IT.KINDLY CLARIFY
Dintakurthi Tirumala
(Expert)
04 April 2013
Yes, you are correct. However for family pension has the exemption of 1/3rd of the family pension received upto maximum of Rs.15,000. So you have to consider this while you calculating taxable income from family pension.
So consider the pension under the income from salary and consider the family pension from income from other sources and then compute income tax liability.
OM SAI SRI SAI JAI JAI SAI
So consider the pension under the income from salary and consider the family pension from income from other sources and then compute income tax liability.
OM SAI SRI SAI JAI JAI SAI
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