TaxTMI 
TaxTMI 
TaxTMI 
deduction with respect to family pension in Income Tax amounts to Rs. 15000/25000 per month or is it per annum ??
Please clarify
Family pension related deduction in Icome Tax Act 1961
Abishek M
How annual deduction for family pension under Section 57(iii) of Income Tax Act is computed and capped Deduction for family pension under the Income Tax Act is calculated on an annual basis: the allowable deduction is the least of (a) the actual family pension received during the year, (b) one-third of such pension, or (c) the statutory fixed amount expressed per annum; the fixed cap is an annual limit (check the current Finance Act or CBDT update to confirm whether the applicable amount is Rs.15,000 or Rs.25,000 per annum). (AI Summary)