I am a retired person and a selfassessee. I want to know whether I am supposed to pay advance tax at periodic intervals or make single payment towards income in March?
Amit Maheshwari, Partner, Ashok Maheshwary and Associates replies: A taxpayer whose estimated tax liability for the financial year exceeds Rs 10,000 is liable to pay advance tax by the due dates prescribed. However, resident senior citizens without any income from business or profession are exempt from paying advance tax and can pay taxes at the time of filing of returns by 31 July, after the end of the financial year.