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
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.
CAclubindia
