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Monday, January 26, 2015

THOUGHTS ABOUT INCOME-TAX LIABILITY

I have a suggestion to make that will help pensioners.

Those who have attained the age 80 are eligible for I.T. relief for income up to Rs 5 lacs. As such they should be given arrears from the year of attainment without deduction of Tax. 
If one retired in 1990 at age 60 he would have attained age 80 in 2010. So his arrears for 2010 -2011, 2011-2012, 2012-2013, 2013-2014 should not be taxed. 
Other arrears can be clubbed with arrears of 2014-2015 and tax needs to be calculated after deducting Rs. 5 lacs. I hope this matter will be taken up with LIC Management as soon as decision is taken up about payment.

With best wishes,
B.D.Bhargava,
D-54, Kamla Nagar, Agra,282005.

*retired from LIC as Secretary (Marketing) C.O. In Nov. 1990. 

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