Post-retirement, my father has the designation of "Visiting Professor" in an institute and was drawing an honorarium of 80000 per month. He is also drawing a pension from his previous job. No TDS is deducted on the pension amount and TDS is deducted @ 10% on the honorarium. We are paying advance tax for the balance amount.
With effect from 1st October, he has been given additional administrative responsibilities in the institute and will now draw 160,000 per month. TDS will continue to be deducted @ 10%.
Do we need to factor in this future additional income while paying advance tax on 15 September? Also will interest be charged for short payment of advance tax on 15 June?
Thanks in advance.
CAclubindia
