payment of advance tax in case of senior citizen

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  1. Dear Sir,
    I am a senior citizen retired from PSU Job this year in April 2016.
    I have income from following sources.
    1. Salary income upto April 2016 (TDS already at applicable rates deducted by the department)
    2. Pension income from EPS Scheme
    3. Departmental pension
    4 Interest Income from Saving Account and FD
    5. income from SBI Mutual Fund monthly redemption of interest (SBI Mutual Fund Balance Growth Regular Plan).

    Please advice whether I have to pay Advance Tax on income other than what already deducted by the department.

    With regards
  2. Karan Batra

    Karan Batra Well-Known Member

    As you are a Senior Citizen, you are exempted from the payment of Advance Tax and can pay tax at the year end based on your total income
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