Family pension & Tax installments

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  1. KUTTS18

    KUTTS18 New Member

    This query is for AY2017-18

    My mom is a senior citizen who has income ONLY from 'Family Pension' and 'FD Interest'. The total income (chargeable under 'Income from other sources') for the current FY2016-17 would come around 16lkh.

    I understand that as per Section-207 of income tax act, senior citizen are not liable to pay advance tax. And they need to pay only self assessment tax before filing return. (Ref: http://www.charteredclub.com/6-tax-benefits-for-senior-citizens/)

    My query is
    To avoid the burden of paying tax at the last month (March 2017), my mom like to pay tax in installments rather than as one time bulk amount. If so shall i pay those installments as 'Advance tax' or 'Self assessment tax'? Planning to pay tax as 4 or 5 installments this year.
     
  2. ZED

    ZED Well-Known Member

    Pay it as self assessment tax, provisions of advance tax are not applicable. If you use the wrong code then it might raise some doubts ,as advance tax is applicable on senior citizen if they have income from business or profession. AO might think that the classification of income is wrong.
     
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