Dear Learned friends,
Kindly clarify me on the following. I am a retired PSU officer with pension and interest from bank FDs. Other than this sometimes I do very little shares buying and selling but not intraday. From the incometax website I understand that being senior citizen I do not have to pay advance tax. My total taxable income is about Rs.14 lacs this year(FY2015-16) with almost nil TDS as I submitted 15H, hope my understanding is correct.
Thanks
GR Babu
The provisions of advance tax payments shall not apply to an individual resident in India, who—
(a) does not have any income chargeable under the head "Profits and gains of business or profession"; and
(b) is of the age of sixty years or more at any time during the previous year.
So you are not required to pay advance tax. But as you have taxable income, your submission of Form 15H is not as per Law.
Thank you gentlemen for your quick response as usual.
If there is Short term capital Gain on Sale of shares then advance tax on such income should be paid on/ before the due date of next immediate instalment.
CAclubindia
