Mr. X. is an ex-army personnel, getting a certain amount say Rs. 2 Lakhs/- as pension per year. He is now working in govt sector with a net annual emolument of Rs. 6 Lakhs and interest from fixed deposits is Rs. 2 Lakhs/- How the income tax will be calculated.Please explain.
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Income tax ex-defence personnel employed in govt sector
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Sir total income of Mr. X would be =200000+600000+200000=1000000. Out of 10 Lacks 1.5 Lacks deduction allowed under 80C and 10000 deduction allowed under section 80TTA for interest income. And if you invested in medical expenses then 20000 deduction allowed U/S 80D. Total income after deduction taxable income would be 820000. If any queries then fell free to call me 08059912995
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