Income Tax

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This discussion addresses how a pensioner whose total income (pension plus other sources like FD interest) exceeds the taxable limit should pay their Income Tax. The advice suggests paying advance tax by March 15th. It also highlights that senior citizens receiving pension income may not need to pay advance tax if they invest in a 5-year tax-saver FD, potentially avoiding tax liability altogether by utilising Section 80C deductions.

BUDDHA DEB DAS

BUDDHA DEB DAS (Querist)
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26 January 2020 My question is ,one pension holder's income cross the taxable limit like pension and other source of income e.g.Interest income from Interest on F.D. His net tax payable is 42,000 approx after deduction of 80D,has no LIC etc under section 80C during A.Y 2020-21.How he paid the Income Tax by self assessment tax or advance tax.Please let me know at the earliest.
Thanks,
Buddha deb Das

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 January 2020 Pay advance tax on or before 15th March.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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26 January 2020 Advance tax is not mandatory for senior citizens getting pension income , if you invest in 150000/- 5 years tax saver FD you can avoid tax liability .