Bank not deducted tds on pension?

I am a retired government servent and I am getting my pension through Bank. My annual pension is Rs 6,79,500/-. My bank has not deducted TDS on pension. Do I have to deposite advance tax or I can pay self assessment tax while filing return for FY 15-16. I have other income also, and also savings u/s 80 

Replies (5)

Yes, you need to deposit advance tax for AY 2015-16 after considering all the deductions. It is not the responsibility of bank but the organisation (in which you were working) paying pension to deduct TDS. There is no reason why they are not deducting TDS.

 

Advance tax date was 15th Mar-15 which has already gone. Now you will have to deposit tax with interest. Please consult CA to avoid any further default/ notice. Now a days, Income tax department is very active since the time they got online processing through their Bangalore CPC centre.

 

Regards

Vineet

www.financeandtaxhub.blogspot.com

1. In case of pensioners there is no role of employer. Banks are the disbursing authority.

2. But senior citizens, not having any business income can deposited self assessment tax at the time of filling IT return.

3. I don't have any business income. Only Pension and Interest on my FDs.

 

 

You are liable to pay advance tax in any case if total tax liability for the year is more than INR 10,000. Since, you have not paid advance tax, you are liable to pay interest also.

From Financial year 2012-13  resident senior citizens, not having any income chargeable under the head “Profits and gains of business or profession”, shall not be liable to pay advance tax and such senior citizens shall be allowed to discharge his tax liability by payment of self assessment tax.

Thanks for the update. I was not aware of this provision.

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