TDS and Tax on Pension

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  1. Rajesh Goyal

    Rajesh Goyal New Member

    I am a retired government servant and I am getting my pension through Bank. My annual pension is Rs 6,79,500/-. No TDS deducted on pension in FY 14-15. Since I am a senior citizen, and from Financial year 2012-13 resident senior citizens, not having any income chargeable under the head “Profits and gains of business or profession”, shall not be liable to pay advance tax and such senior citizens shall be allowed to discharge his tax liability by payment of self assessment tax.
    Do I have to deposit only self assessment tax while filing return for AY 15-16. I have other income (interest on FD) also and savings u/s 80. Is this in order as per IT rules or do I have to take some measure in FY 15-16.
  2. swapna singh

    swapna singh New Member

    advance tax liability is not applicable to is suficient to pay self assesment tax at the time of filing of return of income.
  3. Pratyum

    Pratyum New Member

    Yes, You need not to pay advance tax as you told you're a senior citizen and your source of income are not under " Profit and gains of Business Profession"
    Further, you need to disclose all of your income and savings u/s 80 in your Return for AY 15-16
    You will definitely get deductions which you're entitled to..
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