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Senior citizen self assessment tax due date

Nand (service) (46 Points)

19 July 2021

I understand, Senior Citizens with salary & interest income only (those who have attained the age of 60 during the FY 2020-21), are not required to pay any advance tax from FY 2020-21 (AY 2021-22) AND need to remit only self-assessment tax. If the net tax to be paid is more than Rs. 1 lac, which is the last date and whether the tax has to be remitted with filing of return ?

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13 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 20 July 2021

Yes you can pay tax while filing ITR

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 20 July 2021

Last date is 30 September cand you have to pay tax at the time of filing of IT return.

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 20 July 2021

Agree

Shankar Rugge (369 Points)
Replied 20 July 2021

But it should be less than 1 lakh else u have to pay int

Nand (service) (46 Points)
Replied 20 July 2021

Thank you all for the reply. In case the tax payable is more than Rs. 1 lac, whether tax roughly calculated at

95% can be remitted before 31st July and to go in for actual filing before 30th September. Kindly clarify

CMA Poornima Madhava (CMA) (13097 Points)
Replied 20 July 2021

If you file your return by 31st July 2021, then all tax payments made up to the date of filing of return would be treated as advance tax. No interest is payable in this case.

But if you intend to file ITR after 31st July 2021, then if the tax liability is >1lac, then you are required to pay tax with interest at the time of filing of ITR.

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 21 July 2021

You have to file return by 31 July to avoid interest after that interest levied if tax due is more than Rs.1 lakh

Joseph P Varghese (Retired) (35 Points)
Replied 29 July 2021

I read on the Incometax site that:

A resident senior citizen who does not have any income from business or profession is not required to pay advance tax and he can pay the entire tax by way of self-assessment tax. For computing the limit of Rs. 1 lakh (as specified above), the self-assessment tax paid by a senior citizen on or before 31-07-2021 shall be deemed to be the advance tax.

So I presume if the total tax of senior citizen is around say, Rs 150000/-, and if one pays Rs. 100000 on or before July 31, 2021, then this payment in respect of the senior citizen will be treated as advance tax and if the balance tax (in this case Rs 50000) is less than Rs. 100000/- then no interest will be charged for delayed payment. But I would need this to be clarified.

Joseph P Varghese (Retired) (35 Points)
Replied 29 July 2021

In case my tax as a senior citizen is Rs.1.50 lakhs and I pay Rs. 1 lakh before July 31, 2021, then my tax liability to be paid before filing ITR2 will not be charged to delayed interest, isnt it?

I have no income from Business or profession.

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