Income tax on pension
This query is : Resolved
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?
Pl explain me.....
Thanks
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?
Pl explain me.....
Thanks
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
