I am a senior citizen of 62 years and my wife is 58 years old. We both have earned long-term capital gain on sale of shares and old ancestors’ property. We also have regular interest income. Kindly let us know whether we are liable to pay advance tax for the financial year 2021-22 and if yes, then what is the time limit?
Under Section 208 of the Income Tax Act, senior citizens (resident individual who is at least 60 years of age at any time during the financial year) is not liable for payment of any advance tax, if he or she does not have any income from business or profession. From your question it is very clear that you are 62 years old and having income under the head capital gains and income from other sources. Therefore, you are not liable to pay any advance tax for the financial year 2021-22. You are supposed to pay the entire tax by way of self assessment tax on or before the due date of filing the Income Tax Return i.e. before July 31, 2022. Your wife is not a senior citizen. Therefore, she is liable to pay advance tax in four instalments i.e. 15 per cent on or before June 15, 2021, 45 per cent on or before September 15, 2021, 75 per cent on or before December 15, 2021 and 100 per cent on March 15, 2022.
Can you explain the new amendments related to obtaining a tax audit report under section 44AB of the Income Tax Act?
Continue reading your story on the app
Continue reading your story in the magazine
The Art Of Selecting A Financial Product
Most people invest with little or no in-depth analysis or study. What are the factors that must trigger your investment? The article provides guidelines from an investment product perspective and can be used for buying any financial product, including your insurance. Keeping all these points in mind while selecting your financial product will help you to improve your chances of generating wealth
The Facts & The Fine Print
Most of us buy life insurance driven by the need of the hour, especially when it is time to get the benefit of tax exemption or in cases like the present one when the world has been gripped in the clutches of the pandemic. This is not an ideal scenario. You must understand the nitty-gritty of an insurance policy before investing in one. The article shows the way
Technology Adoption Key To NBFC Success
After a tough period of survival, the NBFCs are back in the reckoning with improved system liquidity and strong capital buffers that have helped majority of NBFCs to disburse loans
Markets on a Steady Ascent
The current scenario has proved to be a golden opportunity for investors investing in low-risk, high-growth and quality mid-cap and small-cap stocks
Rainwater Harvesting: Need Of The Hour
It is said that World War III will not be fought for geographic dominance but solely on the basis of water. This may sound far-fetched to citizens of more developed countries. However, in India there are already daily battles being waged by areas, projects and individuals for access to this precious resource during summers, writes Santhosh Kumar, Vice Chairman, ANAROCK Property Consultants
Global Markets On A Roll
While the current rally is too fancy to last for long, cautiousness about sharp corrections may create a volatile stretch until the next earnings seasons
Cotton Weaves Its Way To The Top
Meanwhile, concerns about increasing inflation hovering on the horizon and also the strengthening of the rupee led the gold prices to trade strong in the domestic market
Are Quant Funds Worth The While?
In this article, we will focus on defining quant funds, how they work and whether or not you should have them in your investment portfolio.
Small-Cap Small In Size, Big In Gains
With the Nifty touching all-time highs and surprising market participants with tremendous gains in 2020 and 2021 alike, it is the category of small-cap stocks that is actually making a difference in an investor’s portfolio by not only outperforming Nifty in the past one year but by also delivering a broad-based market rally, thus allowing a majority of the investors to book profits. Yogesh Supekar highlights the trend in the smallcap universe while also focusing on the top-quality performers in the small-cap space
Finding A Way To ‘Heavenly' Profits
Riding on the digital wagon that has influenced equity investing among the millennials, the company has been able to garner 398 million digital impressions in June 2020 on various online and digital platforms through the application of digital marketing. Its customer outreach spans across approximately 96.87 per cent or 18,649 pin codes in India as of June 30, 2020, which is evidence enough of its growth curve
Celebrate Good Times
Travelers again look to special trips to observe life’s milestones.
The Return Of Night Life
Out All Night With Remy Duran
The Return Of Everything – The Return of FOMO
The pandemic forced us to simplify our lives and look inward. Now it’s time to have fun again. That should be easy, right?
5 Steps to Reverse Pandemic Weight Gain
How to shed the pounds you may have picked up after a year in social isolation.
Cuba Bets Big on Its Own Vaccines
If they prove effective, locally made drugs could be an economic lifeline for the island
David Neeleman Has No Fear Of Flying
The founder of JetBlue has overcome some crazy setbacks on his way to becoming the most successful serial airline entrepreneur in history. So why would he let a global pandemic get in the way of launching his latest carrier?
The End of Analog
Q Over the years, I’ve discovered that sound and vision are two distinct camps in the home theater realm, and it’s best to keep them separated due to constantly changing video formats.
How To End Extreme Child Poverty
Buried deep in the latest pandemic stimulus package is a transformative approach to helping families.
Finding Home
Our writer reconciles her family and her future on the path to Harding Icefield.
The Winter of Discontent
Even though america is preparing for a summer reopening, the Coronavirus will still be around to dog us when the temperatures fall.