My Client receivng a family pension of Rs.16800/- Monthy and recieved a Interst on FD For Rs.148000/- i need to file IT and i can show the family pension as exempt income
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Family pension
Replies (4)
Famliy pension should be taxable as under Income from other sources:
33.33% of actual amount received
OR
₹ 15,000
Whichever is lower.
Interest on FD also under Income from other sources
33.33% of actual amount received
OR
₹ 15,000
Whichever is lower.
Interest on FD also under Income from other sources
tahnku u for your reply I cant understand Kindly tell the acutal amount Rs.16800/- * 12 = 201600 ( 33.33% ) is Rs.67193/- that means i have to show Rs. 67193/ - as other source income and we have to mention seprate in ITR of acutal income that he is receiving family pension
33.33% of 16,800*12 = 67,193 or
15,000 which ever is lower is exemption. I e 15,000
taxable pension 2,01,600-15,000=1,86,600
15,000 which ever is lower is exemption. I e 15,000
taxable pension 2,01,600-15,000=1,86,600
yes u/s 57 ........1/3rd of f.pension or 15000 vchever is allowed as deduction, from f.p rcvd....and the net amt is taxed under ifos............
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