My Client receivng a family pension of Rs.16800/- Monthy and recieved a Interst on FD For Rs.148000/- i need to file IT and i can show the family pension as exempt income
4 Replies
Nitin Mahale
(CA Student)
(88 Points)
Replied 21 July 2018
Famliy pension should be taxable as under Income from other sources:
33.33% of actual amount received
OR
₹ 15,000
Whichever is lower.
Interest on FD also under Income from other sources
33.33% of actual amount received
OR
₹ 15,000
Whichever is lower.
Interest on FD also under Income from other sources
Libissa
(Accountant)
(319 Points)
Replied 21 July 2018
tahnku u for your reply I cant understand Kindly tell the acutal amount Rs.16800/- * 12 = 201600 ( 33.33% ) is Rs.67193/- that means i have to show Rs. 67193/ - as other source income and we have to mention seprate in ITR of acutal income that he is receiving family pension
Srinivasa Ganesh
(Article Assistant)
(456 Points)
Replied 21 July 2018
33.33% of 16,800*12 = 67,193 or
15,000 which ever is lower is exemption. I e 15,000
taxable pension 2,01,600-15,000=1,86,600
15,000 which ever is lower is exemption. I e 15,000
taxable pension 2,01,600-15,000=1,86,600
Akhil
(Student CA )
(1005 Points)
Replied 21 July 2018
yes u/s 57 ........1/3rd of f.pension or 15000 vchever is allowed as deduction, from f.p rcvd....and the net amt is taxed under ifos............
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