Income tax related

Income tax related

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Deal Lieutenant
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3101
25

My mom getting family pension form March 2019 onward and pension is taxable. This month i noticed that NO tax is deducting from SBI account. Now what should i do, how to get income tax deducted? And how much fine for delay?

10 Comments  |  
5 Dimers
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Deal Cadet
17
735
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In general ppl who get pension will pay advance tax for every quarter… SBI cannot deduct it … Guess 10% fine fr advance tax delays

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Deal Lieutenant
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3101
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insta_vicky wrote:

In general ppl who get pension will pay advance tax for every quarter… SBI cannot deduct it … Guess 10% fine fr advance tax delays

not every quarter. They deduct every month. they should deduct automatically every month.

Now where to inform?

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Deal Cadet
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735
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Imharsh wrote:

not every quarter. They deduct every month

No idea bro then… Ppl who I know of pay only advance tax … Bank doesn’t deduct anything at all

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Analyst
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How much is the monthly pension?

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Deal Subedar
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you can pay advance tax till 15th march to avoid interest charged on tax

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Deal Lieutenant
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3101
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nomag wrote:

you can pay advance tax till 15th march to avoid interest charged on tax

how to pay online?

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Deal Subedar
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Imharsh wrote:

how to pay online?

use any bank internet banking to pay tax

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Critic
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Normal pension is taxable as salary. Family pension is taxable as other income. There is no provision in the IT Act for TDS on such other income. Therefore there should not be any TDS. The assessee is required to deposit advance tax based on self assessment, if required.
Advance tax can be paid via this link using any bank’s net banking user ID
https://www.incometaxindia.gov.in/Pages/tax-ser...

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Deal Lieutenant
60
3101
25
panchabhut wrote:

Normal pension is taxable as salary. Family pension is taxable as other income. There is no provision in the IT Act for TDS on such other income. Therefore there should not be any TDS. The assessee is required to deposit advance tax based on self assessment, if required.
Advance tax can be paid via this link using any bank’s net banking user ID
https://www.incometaxindia.gov.in/Pages/tax-ser...

In normal pension, from beginning they were deduction from pension every month. I never paid from outside, just e filing needed in every every. I have all proof of deduction from pension every month.
I think u guys are not talking about govt. job pension. Even in railways they deduct monthly from salary. But for business man u need to pay like what u r saying as far i know

Downloaded form-26AS but all entry showing 0 only

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Critic
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Imharsh wrote:

In normal pension, from beginning they were deduction from pension every month. I never paid from outside, just e filing needed in every every. I have all proof of deduction from pension every month.
I think u guys are not talking about govt. job pension. Even in railways they deduct monthly from salary. But for business man u need to pay like what u r saying as far i know

Downloaded form-26AS but all entry showing 0 only

Normal pension is given to a person after retirement. It arises out of an earlier employee-employer relationship. So it s treated as an extension of salary for IT purposes. Standard TDS provisions applicable for salary is therefore applicable for such pension also. Does not matter whether it is govt job or pvt job. The employee can also claim the benefit of “Standard Deductions” on such pension while filing return.
Family pension is given where the original employee expires and the payment is made to the spouse/children of the ex-employee. There was never any employee-employer relation with the actual receiver of this money. So it can not be treated as salary and is treated as “other income”. There are no TDS provisions for such other income. Again, does not matter whether it is govt job or pvt job.
You specifically indicated in the first post that the income is in the nature of “Family pension”.

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