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Tax treatment of retiring persons
What is the tax treatment of govt servant retiring in the calendar year for pension received in 3months in the financial year? and tax rates will be separate for this senior citizen?
Replies (3)
3 Lakh Basic exemption limit for senior citizens. separate disclosure of pension and salary while filling return is required.
DCRG Amount, Commutation of pension Amount and Terminal Surrender Amount of Earned Leave are exempted from IT. For Senior citizens, basic exemption of tax limit is Rs. 3, 00, 000.
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