Income Tax

Income Tax on retirement benefits

Some of the retirement benefits are fully or partially exempt from tax.

Pension

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Income Tax 2012-13 Slabs for different categories depending on Annual Income is given below.
These rates will be applicable for assessment year 2013-14(Financial year 2012-13).

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Income Tax 201-12 Slabs for different categories depending on Annual Income is given below

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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

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Under Sec 80DD of the Income Tax act you can claim a deduction if you have a handicapped dependent.
Depending on the extent of the disability of your dependent, deduction allowed is Rs. 50,000 / Rs. 75,000 (severe disability).
This is a lump-sum deduction, and doesn’t depend on the amount actually spent.