15H submitted in April. Now in March,while calculating tax liability it comes to light that I've to pay tax, even after exhausting all deductions, like Std. deduction, 80C, 80D,80GG etc. If I donate u/s 80G, then I can avoid tax, after utilizing provisions of Sec 87A., bringing down the Net Taxable income below 5L. Your reasoned advice as to whether I can just pay tax, if so, is't okay, even though I had submitted 15H in the beginning of F.Y. Or I have to only avoid tax by Using sec 80G.
When should I pay tax, either at the time of filing tax return or before 31st March.
Please guide me
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Payment of I.T. by individual tax assessee, Sr. Citizen, 70 years
Replies (14)
Quick Summary
You can just pay the balance tax as Advance Tax.
15th March was the deadline for it
15th March was the deadline for it
As I am Senior Citizen, I need not pay Advance tax, right?
Further I haven't paid any tax in the current FY so far. My question is can I pay the entire tax while filing return or on or before 31st March. Please advise.
Further I haven't paid any tax in the current FY so far. My question is can I pay the entire tax while filing return or on or before 31st March. Please advise.
You can pay at the time filing of ITR with interest through Self Assessment Tax
If you don't have professional income, you don't need to pay any sort of tax until the time you file your return.
No interest / penalty either if done by end June.
Oh, thanks for clarification.
If tax liability is above 10000/- one must pay advance tax .
Advance tax is also self assessed tax.
If you are not having nay business income then you can pay the entire tax liability at the time of filing the Income-tax Return because there won't be an interest applicable upon you u/s 234B/C because you are a senior citizen above 60 years of age.
| Originally posted by : Eswar Reddy S | ||
 |
If tax liability is above 10000/- one must pay advance tax . |  |
Not if you're over 60 and don't have business income!
Advance Tax is not self assessment tax ..There is a difference between these two
Just pay tax now
Whatever name one wants to call it, the end result is the same. The timing of the payment matters, not the name.
And regards timing, seniors don't need to pay sitharaman a single paisa before the standard tax return due date, so long as they don't earn business / professional income.
Thank you very much for all of the informations. But still, one point for clarification: Even though given 15H in April'21(with Declaration that my tax liability will be NIL for the current year), is't okay to pay tax now? Will it not be contradictory to the Declaration given earlier?
Uncle ji aap senior citizen ka card deal kar sakte hain! senior citizen ko sab maaf hai!
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