Tax on fd intt

If FD is taxable, bank would deduct tax @ 10%. If your taxable income during the year falls within 10% slab of IT, no need to pay advance tax else you may pay advance tax to avoid interest liability, even though you receive form 16A in May from Bank

thank you for your quick response. I fall in 30% slab and being a sr. citizen I may get advantage of advance tax relaxation. my query is that my TDS from the employer is already taken care of, however my total tax liability is around 2 lacs higher than what is deducted by employer as per my calculation, whether I should pay now before 15th March or in July before ITR filed.

thanks

Babu

Senior citizens not having any business income can pay self assessment tax at the time of filling tax return. No need to pay advance tax, no interest liability. Please read following article para 3: https://www.charteredclub.com/6-tax-benefits-for-senior-citizens/

Yeah, I agree with Mr. Rajesh