Assume I have total income of 12 lakhs p.a. This includes 7 lakhs from pension and fd interest. And 5 lakhs from STCG from sale of equity. So tax on 5 lakhs will be @ 20%. What will be the tax rate on 7 lakhs ? Will it be 15% considering total income of 12 lakhs or 5% considering 7 lakhs only ?
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Income tax calculation under new rates
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Pension commuted or not
Please ignore the word Pension in the above query. Pension I meant is annuity from pension plans of investments in Insurance companies.
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