Tax deduction for pension received from feb 12 to oct 13
This query is : Resolved
VARADARAJAN TR
(Querist)
17 March 2014
My Mother is working as lecturer in a pvt college and she retires two years back. Now she received pension from Feb 12 to Oct 13, Is it taxable during the FY 2013-14 period. No gratuity is received.
PENSION AND DA WEF 01/02/12 to 31/10/13
TOTAL RS 8,10,262/- D.C.R.G. 6,00,000/-
CVP RS 7,21,624 PAID ON DATE….6 NOV 2013
PENSION AND DA WEF 01/02/12 to 31/10/13
TOTAL RS 8,10,262/- D.C.R.G. 6,00,000/-
CVP RS 7,21,624 PAID ON DATE….6 NOV 2013
18 March 2014
1. The income is taxable in the current year.
2. However, you can avail relief u/s 89(1) for the arrears.
2. However, you can avail relief u/s 89(1) for the arrears.
VARADARAJAN TR
(Querist)
18 March 2014
Thanks you, I will work this. u/s 89 (1) relief means the difference between the respective years and the current year on tax?
18 March 2014
Yes the relief is the amount of tax difference.
VARADARAJAN TR
(Querist)
18 March 2014
Thanks you Siddharth, final clarification on this. Is any percentage of pension received for the arrears to be considered for taxable income or it should be entire pension amount received for the period
18 March 2014
The entire amount has to be considered. Calculation for proportionate amount shall be made while computing relief u/s 89.
VARADARAJAN TR
(Querist)
18 March 2014
Yes. Understood, I do work respective year basis for tax relief. Thanks a lot.
18 March 2014
You are welcome. You should use the thanks button to convey your thanks.
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