how to calculate tax on pension
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 January 2010
I want to know how to calculate income tax on monthly pension of Rs 33000/-.please give stepwise calculation.
thanks
thanks
18 January 2010
If it is your own pension amount then, it will be fully taxable under INCOME FROM SALARY head.
Taxability will be as follow:
33,000*12 = 3,96,000
Tax = upto 1,60,000 = 0
Next 1,40,000 = 14,000
Balance 96,000 = 19,200
Total Tax = 33,200
3% Cess = 996
Total Tax Liab.(Rounding off) = 34,200
Taxability will be as follow:
33,000*12 = 3,96,000
Tax = upto 1,60,000 = 0
Next 1,40,000 = 14,000
Balance 96,000 = 19,200
Total Tax = 33,200
3% Cess = 996
Total Tax Liab.(Rounding off) = 34,200
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