I will be retiring in March 2018 and so far I have been paying advance tax. Do I still need to pay advance tax, given that I will be retiring in March 2018?
If your anticipated income and the tax liability do not change, you will need to pay the advance tax
I will be retiring in March 2018 and so far I have been paying advance tax. Do I still need to pay advance tax, given that I will be retiring in March 2018?
Sundaresan Kumar, Coimbatore
Normally advance tax is paid by individual taxpayers if their total tax liability after deducting the TDS on an estimated income is expected to be more than Rs 10,000 in a financial year. If your anticipated income and the tax liability do not change, you will need to pay the advance tax this financial year as well before you retire.