Whether to pay taxes?
This query is : Resolved
08 November 2015
my grandmother has monthly pension about rd.20000.also she earns interest on fd annually rs.160000.she is senior citizen.so I want to know her tax liability.
08 November 2015
Total Income (20000*12)+160000=400000
Exempted upto Rs 300000 for senior citizen.
Further Rs 2000/- rebate u/s 87A since income below Rs 500000.
So, Tax Liability = (100000*10%)-2000=Rs 8000+3% cess i.e., 8024
This Tax liability will reduced further is there is any investment u/s 80C/80D etc.
Exempted upto Rs 300000 for senior citizen.
Further Rs 2000/- rebate u/s 87A since income below Rs 500000.
So, Tax Liability = (100000*10%)-2000=Rs 8000+3% cess i.e., 8024
This Tax liability will reduced further is there is any investment u/s 80C/80D etc.
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