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Q. A relative of mine, a senior citizen and a family pensioner, has interest income from post office small savings schemes such as Post Office MIS, FD, NSC and Senior Citizens Savings Scheme. I am to
A. In case of family pension, standard deduction is not available. However, 1/3rd portion of the family pension received or ₹15,000, whichever is less, will be treated as exempt.
The remaining portion of the family pension will be taxed under the head ‘Income from Other Sources.’
TDS is not required to be deducted by banks, co-operative societies and post office if the interest payable to such senior citizen is less than ₹50,000 in one assessment year.
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