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
CAclubindia
