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Family Pension Deduction Under Income Tax
Family Pension Deduction Under Income Tax -
Updated on Mar 20th 2024 5 min read Section 80CCC of the Income Tax Act of 1961 allows for annual deductions of up to Rs 1 5 lakh for contributions made by an individual to designated pension plans provided by life insurance The deduction is
For family pensioners a standard deduction of Rs 15 000 will be available under the new tax regime Income for a family pensioner is taxed under the head Income from other sources
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ITAT Rules On Deduction Under IT Act Legal 60
ITAT Rules On Deduction Under IT Act Legal 60
While the provisions of salary income would be applicable to retired employees beneficiaries of family pension will get a deduction of 1 3 of the amount of family pension received or Rs
Also family pensioners can now get a standard deduction of Rs 15 000 under the new tax regime Previously this benefit was only available to old tax regime taxpayers Increase in Tax Rebate Limit Previously incomes up to Rs 5 lakh were eligible for tax rebates under the new tax regime
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Where to Find more Family Pension Deduction Under Income Tax
Deduction Under Section 80C Its Allied Sections
Deduction Under Section 80C Its Allied Sections
Family pension is taxable after allowing an exemption of 33 33 or Rs 15000 whichever is less For example a family member receives a monthly pension of Rs 50 000 So the exemption will be Rs 15 000 lower of Rs 15 000 or Rs 16 665 Rs 50 000 33 33 Thus the taxable family pension will be Rs 35 000 Rs 50 000 Rs 15 000
Under section 115BAC the total income of the taxpayer shall be computed without any deduction under the provisions of Allowances for income of minor Section 10 32 Note Deduction for family Pension Section 57 iia is allowed from Financial Year 2023 24 Assessment Year 2024 25
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https://economictimes.indiatimes.com/wealth/tax/...
For family pensioners a standard deduction of Rs 15 000 will be available under the new tax regime Income for a family pensioner is taxed under the head Income from other sources
https://cleartax.in/s/are-pensions-taxable
Latest Update Budget 2023 Standard Deduction on family pension under the new tax regime is allowed Rs 15 000 or 1 3rd of the pension amount whichever is lower Budget 2022 It has been proposed to exempt senior citizens from filing income tax returns if pension income and interest income are their only annual income source
For family pensioners a standard deduction of Rs 15 000 will be available under the new tax regime Income for a family pensioner is taxed under the head Income from other sources
Latest Update Budget 2023 Standard Deduction on family pension under the new tax regime is allowed Rs 15 000 or 1 3rd of the pension amount whichever is lower Budget 2022 It has been proposed to exempt senior citizens from filing income tax returns if pension income and interest income are their only annual income source
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