Senior citizens with business income to deposit advance tax by July 31

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Updated: February 26, 2019 1:30:38 AM

Last date of advance tax liability for senior citizen is March 15, 2019 for FY 2018-19.

Short-term capital loss is allowed to be set off against both long-term and short-term capital gains.

Senior citizens with business income to deposit advance tax by July 31
What is the last date for depositing advance/self-assessment tax by senior citizens for FY 18-19?
– Agrim Chaubey
Last date of advance tax liability for senior citizen is March 15, 2019 for FY 2018-19. Note that senior citizen is liable to pay advance tax if he/she earns income from business or profession. Otherwise, he/she can pay self-assessment tax at the time of filing income tax return and due date for the same will be July 31, 2019.

– I am a retired senior citizen. One of my previous employers subscribed to LIC Group Superannuation Fund to provide pension benefits. I receive around Rs 5,000 per month as my annuity from LIC. Can I (a) claim standard deduction on this and (b) all these years I have shown the amount under the head ‘Salaries’ and paid tax. Should I continue to do so?
—A.Venkata
As pension received from LIC Group Superannuation fund is in the discharge of employer liability, such annuity would be taxable under the head salary. So, standard deduction will be allowed on pension received from LIC Group. Yes, you are reporting Pension under correct head, i.e., salary.

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– Is it possible to file income tax returns for FY 19-20 now as my employer has deducted all my tax dues and I do not have any other income?
—Sanjeev Kumar
It is not possible to file the income tax return as of now for FY 2019-20, as no form has been issued till now.

– I had filed ITR4 before July 31, but have not got final order. By when can I expect the final assessment to come?
—Vikram Nevatia
The time limit to receive intimation under Section 143(1) is within one year from the end of the financial year in which the return is made. If you filed your return on July 31, 2018, you can expect to receive final assessment by March 31, 2020.

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– Can short-term losses in shares be set off against long-term gains?
—M S Bhaskar
Short-term capital loss is allowed to be set off against both long-term and short-term capital gains. Further, if the loss arising from the short term capital gain cannot be set off in the same year, then such capital loss can be carried forward to the next eight years.

-The writer is partner, Ashok Maheshwary & Associates LLP. Send your queries to fepersonalfinance@expressindia.com

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