Tax is applicable for Demise person ( legal heir)
1 year ago
Our company is planning to provide financial assistance to our one of the (Mr.)employee, who was demise on 8th dec-22.So they have plan to provide Gross salary to her wife.
is it taxable under income tax act ?
under what section?
Is there any limit for it?
is it effect TDS?
A.Dear Client
It is moreover a taxation matter it would be better to get advise from a taxation expert, CA or an Accountant.
Hope it Helps.
It is moreover a taxation matter it would be better to get advise from a taxation expert, CA or an Accountant.
Hope it Helps.
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A.Hi CLIENT,
The pension received by the widower comes under the heading '" other sources" . It is taxable. It is advised to consult a charter accountant/tax consultant.
Thanks and Regards
Simi Paul
The pension received by the widower comes under the heading '" other sources" . It is taxable. It is advised to consult a charter accountant/tax consultant.
Thanks and Regards
Simi Paul
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A.Dear Sir,
It is a financial matter related to Income Tax, as such u may please contact any Auditor or Tax consultant to avoid insufficient legal advice.
It is a financial matter related to Income Tax, as such u may please contact any Auditor or Tax consultant to avoid insufficient legal advice.
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Subhashis Paul
Responded 1 year ago
A.No the widow wife shall not be taxable under the Income Tax Act as she is out of the scope of Section 56 (2) since the rules framed are as follows:
a) Widow or widower, full retirement age or older — 100% of the deceased worker's benefit amount.
b) Widow or widower, age 60 — full retirement age — 71½ to 99% of the deceased worker's basic amount.
c) Widow or widower with a disability aged 50 through 59 — 71½%.
For further detailed query you should approach a qualified Chartered Accountant or Tax Consultant.
a) Widow or widower, full retirement age or older — 100% of the deceased worker's benefit amount.
b) Widow or widower, age 60 — full retirement age — 71½ to 99% of the deceased worker's basic amount.
c) Widow or widower with a disability aged 50 through 59 — 71½%.
For further detailed query you should approach a qualified Chartered Accountant or Tax Consultant.
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