Arrear
This query is : Resolved
31 July 2012
PENSION ARREAR OF LAST TWO YEARS RECEIVED IN THIS YEAR, HOW TO CALCULATE THE INCOME FOR IT RETURN. IF I SHOW THE TOTAL AREAR THIS YEAR THEN I COME UNDER TAXABLE INCOME, IF ONLY LAST ONE YEAR ARREAR SHOWN I DONOT COME UNDER TAXABLE INCOME. PLEASE ANYONE CAN SOLVE THE PROBLE OF ARREAR CALCULATION.
31 July 2012
Arrears will be taxable in the year of receipt. However, the assessee is entitled to relief u/s 89.
31 July 2012
Whole amount of Arrears of pension recv in Previous year is taxable under the head of Income From Salary if not taxable earlier.
But if its recv as a family pension by Legal Heir then its taxable under the head of Income From Other Sources and 1/3 is exempt subject to maximum limit of Rs 15000/-.
But if its recv as a family pension by Legal Heir then its taxable under the head of Income From Other Sources and 1/3 is exempt subject to maximum limit of Rs 15000/-.
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