Income Tax on retirement benefits
Some of the retirement benefits are fully or partially exempt from tax.
Pension
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Some of the retirement benefits are fully or partially exempt from tax.
Pension
Individuals below 60 years | IT Rate |
---|---|
Up to Rs.2,00,000 | Nil |
Rs.2,00,001 – Rs.5,00,000 | 10% |
Rs.5,00,001 – Rs.10,00,000 |
Income Tax 201-12 Slabs for different categories depending on Annual Income is given below
Least of the following is exempted from HRA Received
1)HRA received
2) House rent paid minus 10 % of salary(salary means basic plus dp plus da if term of employment so provides)
- 50% of salary(same meaning as above)in case of rented house situated in Bombay,Madras,Delhi or calcutta
-40 % of salary ,if rented house is situated in any other places
You can claim deduction u/s 80DD if:
Income Tax 2010-11 Slabs