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Anil Rego |379 Answers |Ask -Follow

Financial Planner - Answered on Jul 27, 2022

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Dr on Jul 27, 2022Hindi

Money

I am 65 years old retired teacher having Rs 40,000 pm pension. This year I have LTCG of Rs 17 lakh by selling mutual funds. Should I pay advance tax?

Ans: Since you are above 60 years old resident Indian and you don’t have income chargeable to tax under the head ‘Profits and gains of business or profession’, you don’t need to pay advance tax.

You can show the LTCG from sale of Mutual funds while filing your yearly income tax returns.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by Neeraj - Aug 31, 2023Hindi

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Clarification Regarding Advance Tax. Dear Sir, I am Neeraj Gupta from Delhi. I want a clarification on Payment of advance Tax in following Situations: 1. LTCG : I booked LTCG on mutual fund in May 2023. The LTCG amount is Rs. 125276/-only. Should I Pay advance tax and When? As per my understanding Rs. 1 Lakh in a financial year is Tex free. The Tax liability on rest of the amount is @ 2600/- only. I learnt that the tax liability of more than Rs. 10000/- need to be paid in respective quarter. Hence, pl. clarify. 2. Saving Bank Interest: What is the advance tax payment liability on the interest ( if more than Rs. 10000/-) from Saving Bank Account ? 3. Accural Interest : Interest on long term deposit is componded annually ( Specially Post office) . When should I pay Advance tax on accrual interest ? waiting for your Reply.

Ans: Person is required to make payment of advance tax, if tax liability is more than 10,000. In case of capital gain, advance tax payment can be done anytime till 15th March of financial year. However, while calculating advance tax liability on other income like Interest, accrual of Income is not important. Person should estimate advance tax on income (other than capital gain) in totality and make the payment quarterly on or before specified due date.

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Question by VA - Sep 19, 2023Hindi

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I have pension income of Rs 15000 pa under salary head and interest from savings & FD Rs 13000 pa and Rs 32000 as LIC pension under income from other sources. There is no other income as I am a senior citizen and till now I was selecting Old regime. I want to encash my Mutual Funds for my personal use. My querry : 1. Should I choose New tax regime, will it be beneficial or the Old can be continued ? 2. After all the above incomes my Mutual fund Long term Capital Gains on redemption can be set off against Rs 7 lacs pa in new tax regime on which no tax is to be paid. OR we need to pay 10% LTCG tax (after deducting 1 Lac) even if LTCG is below 7 Lac limit. Thanks in anticipation ......

Ans: Selection of tax regime will depend on certain factors. Usually, old scheme is beneficial, if substantial amount is eligible for deduction/exemption. You can do exact comparison through Income tax calculator available at https://incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx

Person is not required to pay any tax if tax liability for FY 23-24 under old tax regime is less than or equal to Rs.25000. Accordingly, if tax liability on Capital gain, Salary and Other sources is less than or equal to Rs.25,000; no tax is required to be paid.

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Tax Expert - Answered on Jul 22, 2024

Asked by Anonymous - Jul 20, 2024Hindi

Money

I am a sr citizen n hv income from fdr interest, sr citizen saving scheme interest, shares dividend etc. Totaling abt 3.5 lacs annualy. Filing tax return of nil tax in itr 2. My question is, if I incur a short term capital gain of, say 3 lacs, in July, do I hv to pay advance tax? Or, can I pay full tax amt @15% by 15th March,2025? I may further incur stcg in current year, then, how to pay?

Ans: Senior citizen not having business income are not required to pay advance tax

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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