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Tax on Gratuity, Exemption Limit and Calculation [AY 2018-19]

Gratuity refers to the money received by an employee from his employer at the time of: Retirement Resignation Termination Death Gratuity is payable only to persons who have been employed for 5 years or more with the employer. In case of death, disease or accident, the time limit of 5 years...

Standard Deduction in Salary and Pension 2020 [AY 2020-21]

Standard deduction refers to a straight reduction of salary income up to Rs.50,000/-. [Section 16(i)(ia)] In budget 2018, India's government had re-introduced the standard deduction for both salaried and pensioners at Rs. 40,000/-, which was increase to Rs. 50,000/- from assessment year 2020-21. I...

Section 80TTB: Deduction for Senior Citizen [AY 2019-20]

In budget 2018, the government has provided a  big relief to our senior citizens (60 years or more) in form of a deduction of their interest income up to Rs.50,000/-. In this article, we will understand all aspects of this deduction as provided under section 80TTB. Effective date Section 80TTB...

Pension: Income Tax on Commuted and Un commuted Portion

The word “Pension” utters a great relief after passing of a substantial period of your life and its importance should be felt from day one of your adult life. Pension scheme gives an opportunity to invest and accumulate savings and get lump sum amount as regular income through annuity plan on r...

6 Tax benefit for senior citizens [ AY 2018-19 ]

In this article, we have covered 6 income tax benefit that is allowed to any senior citizen or a very senior citizen. :) Let's get into it   1. An exemption in the quantum of non-taxable income Senior Citizen Very Senior Citizen For FY 2017-18, the quantum of non-taxable in...