LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Vasundhara Singh (Student)     15 June 2021

Calculation of tax

 My uncle recently passed away just after his retirement. Aunt got all the pension and gratuity amount but she does not know the taxes on them and how to pay them. He was a government employee working in railways. Can someone tell me what is the procedure of tax on those amounts?  



Learning

 2 Replies

Sankaranarayanan (Advocate)     15 June 2021

without ascertain the tax liability it is not easy tell the tax amount. Need more to ascertain whether the amount are tax exempted or tax liable to find it first. If any future tax liability on it then the legalheirs are liable to pay the tax from the amount received from the deceased person income. consult a chartered account and get clarity on it.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     15 June 2021

Taxable depend upon computed and uncomputed pension plans. Pension can be classified as a computed and uncomputed pension. Computed pension is the amount which is received in advance or amount which is received in a lump sum. An employee can decide at the time of retirement whether he/she wants to get his pension computed or uncomputed.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register