Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Query on calculation of income tax.-very urgent.

Save Share

This query is : Resolved

CS M.Kurtrala Nathan (Querist)
Follow

04 April 2013 whether individual pension and family pension should be included for calculation of income tax for senior citizen women. Hope family pension comes under income from other sources.so it should be included right.? If both incomes are clubbed together then there will be IT.KINDLY CLARIFY

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
Follow

04 April 2013 Yes, you are correct. However for family pension has the exemption of 1/3rd of the family pension received upto maximum of Rs.15,000. So you have to consider this while you calculating taxable income from family pension.

So consider the pension under the income from salary and consider the family pension from income from other sources and then compute income tax liability.

OM SAI SRI SAI JAI JAI SAI

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