Income tax sr.citizens

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Rsr murthy (Querist)
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11 April 2014 Whether sr.citizens are exempted from payment of advance tax?
Is so, difference of tax between tax payable and TDS amount at 10 percent deducted by banks on FDs can be paid as self assesment tax?
Whether self assesment tax can be paid in instalments in April,May and June.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 April 2014 yes only if such senior citizen is not in receipt of income under "business/profession" head.

any tax paid vide tds/self assessment/advance tax etc can be used to discharge the tax liability. you can pay tax whenever you want to. interest under 234B/234C wont apply.

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