sritn01s ToxBingo 1800 - 1035-829 Ecs7Bingo| ‘support@taxbingo.com You ae hee Home > FAQ > Penson Pension Whats Pension? Who are eligible for Pension? Whatare the cifferen classes of Pension? Whatare the Rules of Pension? What are the Terms related to Pension Calculation? Isthe Premium received Taxable? How do calculate Tax on the pension receive? Who alt have to Pay Interest Under Sec 2347 What is Pension? [Penson in aang to prove people wth a income when they aero lnger sing eur income om enplomet. spd on regulars, ‘sul to governs employes. Who are eligible for Pension? 1, To aay for Age Pesion, you ust it sty he ape ad esence quieren Carre Ink then WoAs out how much Age Pn is paral, This depends 2 Ifyou are legal bins, you may be dle for Age Person (Bi), wich usally has no Income oats ts 2. A pensonsequenant anita function ofthe company(onanzaton/ PSU copeaon. What are the different classes of Pension? ‘he following are the varous clases of Penson Supearnuaton ating Penson otrtry Ratramert ‘ompersation Penson CompusryRtterent Penson ‘ompassonas Allowance aoa Prion amy Pon What are the Rules of Pension? 1, The atiyea seve for evaluation of pension euced to 20 yeas w.e 01.09.2008, Eater mas 3 yeas 2 Peon faa onthe bs ofthe bt 10 moths aveage pay oat pay drawn whichever is bene to recngerploye. What are the Terms related to Pension Calculation? “ems rate othe Caton 2 OCR eth con aiamen ratty) hhipdhwwr taxting.comipensin hintsino TaBingo ty parson Is the Premium received Taxable? (ther than Family Pension: Yas, he pension reed, esac of te source of pension Istble For Family Pension : Te kas ofthe bbw is raducad fom the Taxable Pension amount 1. 1R15,000/- 2. 13 ofthe Fal Parson recived during the Franca Yor. How do | calculate Tax on the pension | receive? For example (Financial Yeor 2012-2013) ‘otal Penson Received (A) 360,000 me © Sender vate ‘Tax Brompton for Financial Year 2012-2013 avallb 200,000 Batance (AD8)=(C) 1.80,000 ‘sper Tax slab applicable for Financial Year 2012-201, (A) Is Les than sooo 5,00,000=10% Tax (0) ‘Ad Education Casson (0) © 3% =(6) 490 ‘otal Tax Payable of fr Rs.3;60,000 Pension Income in Financial Year 2012- seeso 2013.0)+(6) ‘otal Pension Received (A) 360,000 ie ry ‘Tax Exemption for Financial Year 2015-2014 aval » 200,000 Batance(8)-(8}=(C) 3.80,000 ‘sper Tax stab applcable for Financial Year 2013-2024, (A Is Les than sooo '5/00,000=10% Tax (0) ‘As there is a Tax Rebate Rs, 2000 applicable for Financial Year 2013-2014, sac00 (A) Is Les than 5, 00,000 = (0)~ 2000. (E) ‘Ad Education Casson (0) © 3% =(€) 20 ‘Total Tax Payable of for Re.3/60,000 Pension Income in Financial Year 2013- sexo 2014 (+E) hhipdhwwr taxting.comipensin hint 360,000 ry eralsino TaBingo Who all have to Pay Interest Under Sec 234? Every tien of na is Request pay Income Tax, to theough TD as ee by the Income Tax Rls, Tax nes to be paid onthe balance income afer ‘onsen varousExanptions and Deductions Other Topics SELF ASSESSMENT TX (8) “Hx FLING USING DIGITAL SIONATURE (6) “Ax DEDUCTION AT SOURCE (TDS) (8) cas. (6) rau (9) INTEREST FAOM FOX DEPOSIT, SAVINGS USE PROPERTY (14) LEAVE TRAVEL ALLOWANCE (12) account (3) rea (0) ‘copra. cans (7) LEAVE ENCASHMENT 2) HEDICA REIMBURSEMENT (8) For 2688 7) Ro ACCOUNT (6) PAYMENT OF TAKES (5) WEALTH TAK (9) NE ACCOUNT (6) PROWDENT FUND (11) ‘Cutan a DEDUCTIONS (7) TAK PLANING (9) “we FLNGES) ELIE UNDER SECTION 893) Avance TAK) hhipdhwwr taxting.comipensin hint