29 August 2016
A retired from service on 31.3.2015 and started getting pension of 6000rs monthly.On 1.1.2016, A commuted 1\4 of pension and received 90000. calculate taxable amount of pension for assessment year 2016-17 if the assessee has not received gratuity at the time of retirement.
29 August 2016
6000 per month makes it 12 X 6000 = 72,000 per year if you add 90,000 commutation to it......90,000+72,000 = 162,000, which is well below the basic exemption limit......Then what is your query? What is bothering you?
29 August 2016
oh.... i see.... you are asking that way.......sorry.... 9 months @ 6000 = 54000 after 1/4 th commutation, pension will be paid at 6000 X 3/4 = 4500 per month so 3 months @ 4500 = 13500 So the pension would be = 54000+13500 = 67500