Individuals above 60 not liable to pay advance tax : The Tribune India

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Tax Advice

Individuals above 60 not liable to pay advance tax

I am a senior citizen and a pensioner of PSEB. The employer deducts TDS from my pension. I have some income from bank fixed deposits (FDs). The banks deduct TDS at 10% from the interest income accrued. I am taxed under 30% tax slab. Do I need to pay advance tax quarterly or pay self-assessment tax at the end of financial year before filing the tax return? — Nihal Singh

Individuals above 60 not liable to pay advance tax


SC Vasudeva

I am a senior citizen and a pensioner of PSEB. The employer deducts TDS from my pension. I have some income from bank fixed deposits (FDs). The banks deduct TDS at 10% from the interest income accrued. I am taxed under 30% tax slab. Do I need to pay advance tax quarterly or pay self-assessment tax at the end of financial year before filing the tax return? — Nihal Singh

The provisions relating to advance tax are not applicable to an individual Resident in India who does not have any income under the head "profits and gains of business or profession" and is of the age of 60 years or more at any time during the relevant financial year.  According to the facts given in the query you do not have any income from profits and gains of business or profession. You are, therefore, not liable to pay advance tax. The amount of tax due on your total income after adjustment of the amount of tax deducted at source, can be paid at the time of filing the return under self-assessment provisions.

I am a Punjab Government pensioner. I get LTA equal to my basic pension after every two years. Please advise can this amount be exempted from income tax, if actually spent full amount or portion of it on travel and under which section.  — Surinder

According to the provisions of Section 10 sub-section (5) of the Income-tax Act, 1961 (The Act) in case of an individual, the value of any travel concession or assistance received by him from his employer or former employer for himself and his family in connection with his proceeding to any place in India after retirement from service is not chargeable to tax subject to conditions laid down in Rule 2B of the Income-tax Rules 1962. The exemption is available to an individual in respect of two journeys performed in a block of four calendar years commencing from the calendar year 1986. Accordingly, in case you comply with the conditions specified in Rule 2B of the Rules, the amount received by you towards leave travel concession from your former employer shall not be chargeable to tax.

My mother-in-law has made a will of her share from my father-in-law’s property, (a month before her death). Due to ill health, she could not register that will. The will is in favour of her two sons and two daughters-in-law (as two of her four sons had expired). She had made the will in the same manner as her husband had made in the name of two sons, two daughters-in-law and his wife i.e. my mother-in- law. But now 2/3 of her girls (my husband's sister) has filed case for cancellation of that unregistered will for demanding their share. The will is witnessed by nambardar of village and another unknown person. The writer of the will has expired now. The will was represented by me before tehsildar and later on intkaal was executed in four equal parts — Two sons; two daughters-in-law. Only me and my son were present on the day of intkaal. None was present among other four equal shareholders. One partner wants to get whole of my mother-in-law's share through his sisters. So sisters filed the case to get their share. What will be the future of case and what should I do? I want only my share not anything more. The case is with SDM in Himachal Pradesh. — Naveen Sharma

Registration of will is not mandatorily required under the provisions of the Registration Act 1908. However, you will have to prove the genuineness of the will as executed by your mother-in-law so as to obtain probate of will. It would therefore be essential for you to produce the persons who witnessed the signatures of your mother-in-law.  You should therefore request the tehsildar and the other witness to come forward to help you. The steps suggested herein above would enable you to solve this problem.

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