Tax liabilty on gross pension

I have recently received gross pension  in my bank account. Its above seven lacs. My bank have already deducted a  tax on it above Rs. 56000/-. I transfered it to my other bank account after they deducted that tax. Now my bank manager says I have to deposit Rs. 1Lac fdr for no futhur tax deduction in that account which doesnt have any balance. Things I want  to know are:

# how much tax liability is on it?

#Is bank even allowed to deduct the tax before me submitting it in my return and depositing the tax?

#How to go about it?

 

Thanks in advance.

 

Replies (2)

Sir if you are Government employee than Commuted pension is exempt from tax.

otherwise if you are Non-Govt. Employees then:

i) Where the employee receives gratuity - 1/3rd of the pension, which is normally entitled to receive, is exempt

ii) In other cases : 1/2 of the pension, which is normally entitled to receive, is exempt.

 

Tax will be calculated on Taxable Pension including other income(if any).

Originally posted by : Deepesh Ruhela
Sir if you are Government employee than Commuted pension is exempt from tax.

otherwise if you are Non-Govt. Employees then:

i) Where the employee receives gratuity - 1/3rd of the pension, which is normally entitled to receive, is exempt

ii) In other cases : 1/2 of the pension, which is normally entitled to receive, is exempt.

 

Tax will be calculated on Taxable Pension including other income(if any).

Pension is of my decesed parent who was  in govt services. I have received it in gross amount. 

Please answer my questions?

thanks

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