Tax payment by Sr.Citizen

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  1. H.Krishnan

    H.Krishnan New Member

    A Sr. Citizen had retired from a OSZU in 2011. He gets an arrears of Rs 4 lack chargeable under the head salaries in 2015-16. He has pension & interest income. The tax due to arrear is partly deducted by employer. If balance tax payable comes to Rs 75K
    a) Can he, as a Sr. citizen postpone it till 31.7.2016 or should pay by 31.3.2016?
    If payable by 31st March is it advice tax or self assessment taX. ?
     
  2. nafeesa

    nafeesa Member

    Liability for payment of advance tax is NOT APPLICABLE to senior resident individual who does not have income from business or profession.
    so it is sufficient & enough if he pays self assessment tax by the date of filing of returns.
    and no interest or penalty will be added for non payment of advance tax.
     
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