I am super senior citizen and not liable for advance tax.Last year due to pandemic the last date of submission of ITR was extendecd to beyond 31 July. So I paid the full tax sometime in early September (2020 just befoe submission of ITR… But the tax authorities charged me penalty ( or interst) for not paying before 31 July. Does it mean tax must be paid before 31 July either as actual or estimated even if the date of sunmission is postponed beyond 31 July.
Hey @venkat1926 ,
Self-assessment taxes has to pay on or before filing of ITR for particular fiscal year. A taxpayer does not have to pay it if their actual dues are less than Advance Tax and TDS combine. However, Senior citizens, who are 60 years or older, and do not run a business, are exempt from paying advance tax.
Taxes can also be paid by the extended due dates of filing ITR in all cases. Additionally interest liability u/s 234A shall also arise when tax payer files ITR after original due date i.e 31st July, if tax payer’s net tax liability exceeds 100000.
You can refer below article for more insights about income tax payments:
I hope it helps!