Income tax challan to be used by retired employee

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  1. Ramesh 37515

    Ramesh 37515 New Member

    Sir,

    I retired from Bank service in April 2015. I received Retirement dues and salary
    Arrear from the Bank after retirement. Rs.75000/- tax was deducted by the Bank
    from the salary Arrear paid to me in Aug. 2015 which is reflecting in my 26 AS. Now
    I have to pay tax on my pension and FD interest. I request you to please advise the
    Income Tax challan to be used by me for depositing the tax and if I can deposit the
    tax amount till July 2016 (last date of filing return) for the financial year 2015-16 or
    the same should be deposited before 31-3-2016.

    Thanking you,

    Ramesh chander
     
  2. You should use the challan ITNS 280 for payment of your tax.
    You should deposit your tax by 15th March, 2016 for the Assessment year 2016-17. In case you do not pay your tax by the said date you deposit it by 31st March, 2016 and if you even miss that date you will have to pay interest @ 1% p. m or part of the month on your assessed tax.
     
  3. Ramesh 37515

    Ramesh 37515 New Member

    Sir,

    In this case the type of payment will be Advance Tax (100) or Self
    Assessment Tax (300). Pl. advice.

    Thanks & regards,

    Ramesh Chander
     
  4. Sir,
    This will be advance Tax only.
     
  5. Apurba Shaw

    Apurba Shaw New Member

    Sir,
    Normally bank people retire at the age of 60 years and immediately become 'Senior Citizen'. Senior Citizens are exempted from paying Advance Tax, if I am not wrong. So what will be the consequences in the above observation?

    Regards,
    Apurba Shaw
     
  6. V K Khanna

    V K Khanna Active Member

    Senior citizens whose income is from source other than business and profession are exempt from payment of advance tax. They can discharge their tax liability without levy of interest before filing their tax return..
     
  7. Apurba Shaw

    Apurba Shaw New Member

    Dear Sri Khanna,
    Thank you for your valued opinion.
     
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