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just got confused

Others 560 views 1 replies

my father died in feb 2009 he retired from army. now my mom gets a pension of 3 lacs per annum. i am confused about her tax. she is 60 yrs old.

1) she comes under tax slab for women as total saving of 1 lac u/s 80c is taken.

2) her income is ITR -1 column 2 i.e. income from other sources.

3) the bank F,D. she has of appox 2 lacs on which interest is deducted as TDS. how to show it on ITR. column it adds in total salary and then tax has to be calculated and amount paid in TDS shall be deducted,

Am i right or wrong.

Replies (1)

Hi,

As regards pension, it seems that it is family pension that your mother is getting. If so, then it is taxed under income from other sources. You may visit the following link for understanding the scheme of taxation in India or understanding the exemptions available, if any from the pension.

/articles/tds-provisions-on-pension-payments-4875.asp

Her income will be calculated as under -

Income from other sources

Pension                                                   3,00,000

Less - deduction u/s 57(iia)                   15,000               2,85,000

Bank FD Interest                                                                  2,00,000

Gross Total Income                                                            4,85,000

Less - deductions u/s 80 C                                               1,00,000

Taxable Income                                                                   3,85,000

Gross Tax                                                                                 28,000

Less - TDS On Interest                                                          20,000

Balance tax payable                                                                 8,000


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