Income tax

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  1. SIKANDER RAI

    SIKANDER RAI New Member

    Sir,
    I am retired defence person and presently employed in PSU bank and drawing salary from bank also. Iam indiviual and aged 45 yrs wife- house wife Children - 10th and 12th class
    My Query
    1. Is my defence pension taxable ?
    My Financial details are as follow:-
    Pension Rs 18000/- pm from Apr 15 to 31 Mar 16.
    Salary Rs 19000/ pm from Jun 15 to 31 Mar 16.
    Interest From FD Rs 8000/- Tax not dedicated by bank as form 15 g was submitted
    Interest from Saving account:- Rs 12000/-

    What will be my tax amount. Form 16 given by employer is only showing salary detail as above detail were not disclosed to employer.

    My wife is having FD and interest certificate from bank show interest of Rs 2,24,513/- upto
    31 Mar 16 Tax not dedicated by bank, as form 15 g was submitted. She has her own PAN Number. Do my wife need to also file IT return also.
     
  2. V K Khanna

    V K Khanna Active Member

    Pension is taxable. As per details furnished, your gross income from all sources comes to Rs 4.26 lakh. You are entitled to deduction of Rs 10,000 as saving bank interest under Sec 80TTA. Thus, the taxable income comes to Rs 4.16 lakh on which tax payable including cess after rebate of Rs 2000 admissible u/S 87A, comes to Rs 15,038 + interest as applicable under Sec 234B and 234C.

    2. The total income of your wife is less than the threshold limit of Rs 2.50 lakh, she is not required to file the return.
     
    ZED likes this.
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