TAX LIABILITY FOR A PENSIONER
This query is : Resolved
22 August 2020
SIR please advice me the tax liability for a pensioner who is retired in feb 2020 from a scheduled bank and recieve 16 lakh as gratuity 9 lakh for commuted pension 7 lakh for leave encashment (3 lakh exempted) 9 lakh as salary for fy 2019-20 ,. i am confused about the commuted portion of rs 7 lakh tax liabilty is 1/3 or 1/2 or full amount of commuted pension portion is exempted ? please advice for it.
24 August 2020
1/3 portion of the commuted pension is exempt as per Section 10(10A)(ii)(a).
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