The Central Board of Direct Taxes (CBDT) has provided relief to senior citizens on self assessment tax, which is paid on the balance income after accounting for tax deducted at source and advance taxes.
Sandeep Sehgal, director at AKM Global, said the earlier relaxation provided was that individuals having self assessment tax liability exceeding Rs one lakh in 2019-20 can file their returns by November 30 this year against earlier requirement of July 31. However, they were required to pay the tax by July 31 otherwise interest at the rate of one per cent per month was to be charged,
Now, CBDT has said senior citizens can pay part of their taxes by July 31 so that their remaining tax liability is no more than Rs one lakh. Interest will not be charged if they pay the remaining tax by November 30.