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Advance tax

137 views 3 replies
I am retired bank employee 65 years of age
I am receiving pension about 50,000 per month
The DDO is deducting monthly tax
Is this ok
(ReferSection 207 of IT Act)
can I pay tax after making self assessment Before 31/03/2020 or after 31/03/2020 and request DDO not to deduct advance tax
Replies (3)
For advance tax payment , senior citizens are exempted.
But not from TDS provisions. TDS is applicable to senior citizens beyond threshold limits.
Sir
is threshold limit Rs10,000/=
Theshold limits for TDS are different under different sections.

Here you discuss with your employer about TDS.
Basic limit of 3 lakhs plus standard deduction 50000/- so upto total 350000/- no TDS. You can take 80C deduction by informing to Employer.


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