10 October 2011
Dear Sir, I am a foji and I take retirement from army and I received a compensation/pension Rs. 300000 in FY 2009-10 and also received monthly pension Rs. 6500, and also I have a income from HP Rs 10000 per month. so How to calculated my Income tax on the above income and what is U/S-57?
11 October 2011
Commuted pension (Rs.300,000) is exempted Uncommuted pension(Rs.6500 per month) is taxable under head salary = (6500*12) = 78,000/- House property = (10,000*12) 120,000-36,000(for repair 30% of 120,000) = 84,000/- Total income is Rs. 162,000/- You have to pay 206/- as a income tax. If you have paid any LIC, school fees for you children etc., it can be claimed as deduction. I assumed that your age is below 65 years Section 57 talks about deduction of expenses against other source income.
CAclubindia
