Income tax on family pension

Presuming there is no other taxable income

 

Annual income    :420,000

Deduction u/s 57 :  15,000

[1/3 of above or 15000, whichever is lower]

 

Tax- 10,815 (including Cess)

No other deduction has been considered in the absence of any information

 

 

I would also like to know that the pensoin my mother is getting is a diability (father has disabiity) family pension , is there any further rebate on it.

NO, BUT I FORGOT TO MENTION REBATE U/S 87A

Hence TAX=8755

 

An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less.

It has been clarified that the standard deduction on family pension is admissible to the extent of 1/3rd of family pension or Rs 15,000, whichever is less. My query is that the deduction of Rs 15,000(in my case it's 15000) have to be done in which column or head of ITR-1 income tax return form or we have to self deduct this 15000 amount from family pension and enter the remaining amount  of family pension in [Income from other sources] column/head of ITR-1.

 

AS in case of Interest Income from banks. We have to show this interest income in Income from other sources Column/head of ITR-1. In case if interest income from bank is 18000 then we have to show 18000 in column [Income from other Sources]. and deduction of interest of 10000(in this case) comes in column 5q i.e 80TTA.

 

Similarly, i want to know that the deduction of Rs 15,000 (in case of family pension) have to be done in which column or head of ITR-1 form or we have to self deduct this 15000 amount from family pension.

Originally posted by : PALVINDER SINGH MANN
	I would also like to know that the pensoin my mother is getting is a diability (father has disabiity) family pension , is there any further rebate on it.

I didnt get your question; diability is liability or disability

You will have to self deduct it and show net

thanks for your reply Sir, there is one more query, that how they differentiate between the Interest Income(from banks) and Family Pension Income. Cuz we have to fill both these income in column/head [INCOME FROM OTHER SOURCES] of ITR-1 form. INCOME FROM OTHER SOURCES=INTEREST INCOME + FAMILY PENSION [in my case]

ITR 1 is simplified form , it does not require detailed disclosure. If they need any information then they can ask you. If you note other forms such as ITR 2 , then you can see that they are quite detailed and there we have bifurcations.