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Under what head this income should be added

ITR 173 views 1 replies

sfunds.2014

retired

102 Points Joined May 2010

I worked in Pvt company and resigned in 1999 . A part of my PPF was used by Company to create Superannuation with LIC as per which i recieve Rs35000 yearly

Under what head should this be included? is it tax exempt, any Tax rebate available Last year i filled it in other income Family pension? is it right please explain.

I am senior citizen having 0 salary HP income and dividend and interest income and said above income around 728000 I had opted for new regime what will be my tax liabilty

It comes to 27000 (not accurate) can i claim rebate under any section

Medical expenses Rs 7000 I dont have bills

Thanks

Sridhar

Replies (1)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9113 Points Joined December 2011

The superannuation income is taxable under the head "Income from other sources."The user is correct in reporting it under "Other Income," but it should not be confused with "Family Pension".

The tax exemption and rebate availability depend on the specific tax regime chosen (old or new).

Under the new tax regime, the tax liability can be calculated based on the slab rates applicable to senior citizens.

Under the new tax regime, there is no rebate available under Section 87A for senior citizens or others if their total income exceeds 5 lakhs for the financial year 23-24. However,you can claim deductions for certain expenses if available.

Under the old tax regime, senior citizens can claim a deduction for medical insurance premiums under Section 80D. IN the New tax regime , there are standard deductions available for certain categories, but specific medical expenses require documentation.