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rohit (Querist)
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09 July 2013 A PERSON IS GETTING PENSION FROM CENTRAL GOVT. HE HAS FOLLOWING DETAILS FOR FY 2012 13
PENSION 370000
INTREST INCOME-{FD+ SAVING INTERST} 50000 ADVANCE TAX DEPOSITED IS 13000 RS?
WHAT WILL BE THE TAX LIABILITY?
WHETHER FORM 16 IS REQUIRED FROM BANK FOR PENSION INCOME?

Ganeshbabu K

Ganeshbabu K (Expert)
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09 July 2013 1)pension income(monthly uncommuted) is chargeable to tax under the head salaries

2)interest on FD is taxable under head other sourses

3)interest on savings bank is exempt for Rs.10000 under section 80TTA

(i) in a case where the amount of such income does not exceed in the aggregate ten thousand rupees, the whole of such amount; and
(ii) in any other case, ten thousand rupees.

Advance tax provisions not applicable to senior citizens except on income from business or profession..

So you are not mandatorily required to pay advance tax

So please do file return accordingly\

Thanks & regards
ganesh babu k

Your age was not mentioned and break of SB interest and FD interest not provided so cannot caluculate your tax liability

rohit

rohit (Querist)
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09 July 2013 FD INTEREST IS 32000 RS AND SB INTEREST IS 18000 RS,
WHETHER FORM 16 IS REQUIRED FROM BANK FOR PENSION INCOME?

Ganeshbabu K

Ganeshbabu K (Expert)
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09 July 2013 TDS DEDUCTED DETAILS NOT PROVIDED..

AS FD INTEREST IS 32000 TDS WILL BE THERE

FILL DETAILS AS I SAID IN ITR 1 you can get tax liability automatically

or provide your age, and tds deducted details if any so that i can give you tax computation..

pelase say your tds as per 26AS

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