Advance tax on other income for senior citizen pensioner
This query is : Resolved
10 March 2014
My Father ( senior citizen pensioner ) is paid after deduction of TDS on his pension and bank interest . However he has other income. Should he deposit advance tax on other income before 31st march or he can deposit tax at the time of filing return before 31st july ? Please advise..
CA Parul Saxena
(Expert)
10 March 2014
Senior citizens are exempted from payment of taxes if they do not have business income. So no advance tax is to be paid before 31st March.
1st consider whether total income of your father is exceeding Rs.250000 or not and if exceeding compute tax on it and from tax liability deduct TDS deducted by bank.
If still tax liability remains then pay tax as Self assessment tax.
1st consider whether total income of your father is exceeding Rs.250000 or not and if exceeding compute tax on it and from tax liability deduct TDS deducted by bank.
If still tax liability remains then pay tax as Self assessment tax.
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10 March 2014
This other income is from share market . Now please advise if advance tax is applicable to him . His total income from pension , interest & other income is approx . 10 lacs .
CA Parul Saxena
(Expert)
11 March 2014
Treat income from share market as income from other sources then advance tax would not be leviable.
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