How is tax on family pension calculated. My father expired last year and we are recieving family pension.
The amount which gets deposited in the bank is around 23000. This is consolidated. I dont have the pension structure to compute tax. How should we compute tax on this. apart from this she has lots of FD whose interest is crossing 2.8lakhs alone. But We have submitted 15h form for all of them - so no tax detucted and is appearing in 26AS.
Now i want to file ITR. so what is your advice. Will 15h forum submission for more than 2.5lakhs will cause a problem if we file ITR and pay tax?
What do you advice?
I am unable to reply to your message:
My question was:
1) Suppose somebody is over 60 years of age and submits 15H/G for several FD's. and now all FD's put together is giving you
an interest of 2.8Lakhs. I see that in 26AS.
2) Now, that person also gets a family pension of 24000/- (deposited by central government in the bank).
Won't the 15H submitted earlier will be wrong since the person is not eligable. Now if we pay tax. will there be a problem. Will we get scruitny notice.
Also how do we calculate tax liability on the family pension. Can you please clarify.
CAclubindia
