tax calculation

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tax calculation

I am a retired SR.citizen and received pension arears from 2006 to date. Please let me know how much amount to be reported for the current financial year and also for previous years

Profile photo of Anant Saxena Asked By: Anant Saxena 1 replies 0 helpful answers Last Updated: 5 months, 1 week ago
  • Profile photo of Anant SaxenaAnant Saxena
    Participant

    I am a retired SR.citizen and received pension arears from 2006 to date. Please let me know how much amount to be reported for the current financial year and also for previous years

  • As per income tax act, arrears are considered as income of the year in which it has been received. But, some portion of tax payable can be claimed as a relief u/s 89, as the income belongs to previous years.

    This needs to be calculated on the basis of documents related to arrears and previous year’s income details. So, If you wish to have a consultancy session regarding this, you can visit our office.

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