Should retired persons w/ in 60yrs has to pay tax in India?
tax laws doesn't discriminate retired/employed when comes income. gives different basic exemption limit men below 65 (1,60,000), women below 65(1,80,000) , senior citizens 65 yrs , above (2,25,000). there definite tax liability in case income exceeds these exemption limits.
since mother government employee, commuted pension exempt u/s10(10a) , death & retirement gratuity exempt u/s 10(10) of income tax act.
mother's got pay tax salary had received during service , uncommuted pension if receives after retirement put crosses rs.1,80,000 (after considering deductions under via- 80c-1 lakh, 80d-15,000 etc) in financial year.
my mother has retired govt professor. 59 yrs. should see pay income tax on 'commutation of pension' going receive & 'death *** retired gratuity(dcrg)' going get.
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