Advance tax installments payment messages

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2018 Dear Sir,
I am a resident of India and I am a senior citizen 63 years old and holding individual tax status.

I have been unemployed since 2010. Hence I do not get any salary income.

But I have been filing all my IT returns each year on time because I have income which is above the tax exemption limits. And these IT returns are assessed regularly and I am getting assessment orders and sometimes refund if it is due to me.

My only sources of taxable income are from Bank FD's, Senior Citizen Saving Scheme, LIC pension, India PO MIS, TD interest, and Savings Bank Interest.

I have no income from business related activity or any professional capability or any other income originating from shares, property, mutual funds, of other assets etc. I also do not have any account any property overseas.

I have only one residential flat in which I live, and this flat I inherited after my mom pass away about 8 years ago.

I am seeking guidance from tax experts in-spite of my above clear tax status what must be causing the IT system to send me messages to pay advance tax installments.

Please kindly clarify to me what must be happening and what must I do.

Thanks for your advice

Shanta

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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16 September 2018 Paying Advance Tax Messages are general messages which are forwarded to all PAN Holders to remind about about Advance Tax Instalment. It doesnt mean that you need to pay advance tax.

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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16 September 2018 It's general message As per section 207, a resident senior citizen (whether male or femaleof the age of 60 years or above) not having any income from business or profession is not liable to pay advance tax.

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Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2018 Rashmi Madam, Shri Kaviraja, Thanks for your kind clarification to my query. It is very helpful to me.
I am asking one more small favor, I am already aware that LIC superannuation function annuity paid for FY 2018-19 can be used to claim standard deduction of upto Rs 40,000 by declaring under head of salary income. My total pension from this annuity is Rs 27,500 per year. I can claim and save some tax for myself, since I am have limited income. Please kindly clarify if my information is correct. Thanks again for your help and advice. Shanta

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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21 September 2018 Refer the link

https://www.ndtv.com/business/budget-2018-rs-40-000-standard-deduction-introduced-how-it-impacts-your-income-tax-1807711