Sir, My father who is 82 years old, receive governement pension as well as family pension, till last year we have not filed any return as the income was less than 5 lakhs only, now adding the rental income it has crossed 5 lakhs and falls under 20% slab. The pension gets paid by the public sector bank and till date we have not seen any salry stmnt or form 16 stuff. Now
1.How do I compute my income from salary (just add the amt (Pension+ Family Pension) credited to his a/c every month,
2. Shud Family pension be considered as income from salary or From other source. Is there any component that I can reduce from the Pension salary for computation of Total Taxable income.
3. He has no investments in Insurance,so deduction under chapter vi a is nil, is there a age limit to open a ppf a/c to claim atleast for next year.
4. Does investement of 1 Lakh in NSC or KVP can be claimed completely inder VI A
5. Shud I have to pay self assesment tax or tax on reguar assesment for tax payable?
6. What othere investments can be planned this year for his age to avoid paying tax for the next year
Thanks
RC
CAclubindia
