I am a Resident Indian pensioner, Sr citizen, 78 yrs old owning 2 flats (1 in Goa for self-use and the 2nd one in Mumbai given on rental)

Income for FY 2019-20 as follows: -

• Gross sal (pension) 474042
• Income from rental 204000
• Interest on FD 7904
• Interest on savings a/c 2075
• Dividend on listed shares 90
• Total 688111 (A)

Deductions/exemption

• Standard deduction 50000
• PPF contribution 150000
• Health insurance premium 36582
• 30 % Annual rental 61200
• Total 297782 (B)
• Taxable income A-B 390329 LESS 300000 = 90329
• TAX PAYABLE 4488
• Rebate u/s 87A 4488
• NET TAX Payable NIL

PLS ADVISE ITR FORM APPLICABLE.

My gross income is Rs 2500000. I claim 1,50,000 rebate by investing in PF. I claim house rent interest of Rs 35000. Should i shift to new tax regime.

Very educative site! With an pension income of 18 L, rental of 2 L, and dividends of about 5.5 L and FDs about 2 L Totalling 27.5L Which tax regime is better for me- ? I invest 1.5 L under 80cc and deduct 1.25 L as a medical benefit 2: Will it make any difference if I file as an NRI ? Thanks!

Hi my CTC is 1600001, my PF contribution is 95,988, My policies - 1,60,000, Tution fee -50000, Sukanya yojana - 25000, Atal pension - 7848, Rent - 2,40,000. What tax i need to pay and how i save my tax to do further Investment, Is home loan advisable for tax benefit in current scenario.

i am 81 yr old pension income-57750 and rent income-51t/m and annual 13.5L/A, what will be my tax chart where tds rent is 60k deducted at source.

Dear Mihir, My income is 13.66 lac per annum. My company has been deducting TDS to an extent of 2 lac . I fail to understand the reason. My house rent & electricity bill is getting paid by the company. House rent is shown as rent allowance in the pay slip & electricity bill is paid upon furnishing the bill every month. They say that these are perquisites and are taxable. I have not been told before about the same. Please guide me. This is what they are showing...Please help me in saving this tax...I am clue less about this. Please find your Tax Calculation Sheet below.  Income Tax Computations With Rent/Without Perquisites With out Rent/With Perquisites Gross Salary (includes Employer contribution to NPS **) 1415198 1320496 Exemptions U/s 10   House Rent Allowance 101999 0 Gross Salary after Section 10 Exemptions 1313199 1320496 Deduction U/s 16 Standard Deduction (Sec 16 ia) 50000 50000 Professional Tax (Sec 16 iii) 2400 2400 Gross Total Income 1260799 1268096 Deductions under chapter VI-A     Investments  ( Sec 80C) 150000 150000     Contribution to NPS (Sec 80CCD (1b) 10000 10000     Medical Insurance Premium (Sec 80D) 15000 15000     Total 175000 175000 Net taxable income 1085800 1093100 Tax on Total Income ( as per applicable slabs)     Income Liable to Tax at Normal Rate 138240 140429     Short Term Capital Gains (Charged @ 15%) 0 0     Long Term Capital Gains (Charged  @ 20%) 0 0     Long Term Capital Gains (Charged @ 10%) 0 0     Winnings from Lottery (Charged @ 30%) 0 0 Total Tax Due 138240 140429 Surcharge on Tax 0 0 Education Cess @4% 5530 5617 Total Tax Due 143770 146046 Less Tax Deducted Till Date- Employer 51000 51000          Other TDS deduction    0 0 Balance Tax to be deducted 92770 95046 Remaining months in the Year 2 2 Tax Per Month 46385 47523 Old Regime Old Regime