Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Income tax on pension

Save Share

This query is : Resolved

NITIN (Querist)

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

CA.E.Deepan Chakravarthy

CA.E.Deepan Chakravarthy (Expert)

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now