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Tax for the financial year 2019-20


kewal krishan kapoor (Retired bank officer)     01 May 2019

kewal krishan kapoor
Retired bank officer 
 32 points

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I am a retired bank officer and a senior citizen too.  My monthly pension is around Rs.35,000.  I am also receiving some 2,75,000 interest on my fixed deposits.  Kindly tell me how much shall be my tax liability.  I have already deposited Rs.1,20,000 in PPF, there will also be a medical insurance premium of Rs.34,000 which would be paid by me in November, 2019.  

 

KKKapoor

A B Kundu (Professional)     02 May 2019

A B Kundu
Professional 
 93 likes  1378 points

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Roughly the calculation is as follows:

Income from Salary =                  4,20,000

Income from Other Sources =      2,75,000

GTI                                           6,95,000

(-) Deduction

U/s 80C             1,20 000

U/s 80D               34,000

U/s 80TTB            50,000           2,04,000

Total Income =                           4,91,000

 

As your total income is less than Rs.5,00,000, you are eligible to rebate. In that case, you will not have any tax liability, but you have to file your return timely.

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