Section 206aa

Notification 621 views 2 replies

kris

accountant

24 Points Joined January 2012

Dear sir,

Kindly help in illustrating example given in notification for fy 2012-13 example no 7 where it has been given calculation for retired employee above the age of 60 years but below the age of 80 years and having the gross pension of Rs. 4,50,000 the taxable income is 3,80,000 of which 20% is 76,000 but it has shown Tax under 206AA as Rs.26,000 and for the other when gross pension of Rs.800000 the taxable income being Rs.7,30,000 of which 20% is Rs.1,46,000 here is has shown correct Tax under 206AA as Rs.1,46,000........... i am little bit confused? about the rate and calculation under section 206AA... please clarify my doubt.

thanks

Replies (2)

manoj

student

5205 Points Joined February 2009

Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:

Sl. No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 2,50,000/-.	Nil
2	Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-.	10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4	Where the total income exceeds Rs. 10,00,000/-.	Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-