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nirmal.b lal   15 March 2024

Advance tax for retired persons

I superannuated on 30th September'2023 ant thereafter continuing as consultant in the same organization till date. No TDS was deducted from my salary till September 30th, as total amount was not liable for any income tax. After that organization is deducting TDS @ 10%. Form 16 will take a long time to be issued, may be as late as June'24.Now my concern is that-

1. Should I calculate approximate Income tax and deposit it before 31st March 24 or wait till ITR to be filed perhaps in July'2024 after receipt of Form 16?

2. Will penalty be imposed in later case and if yes then at what rate?

3. Do I need to go for GST registration for later half of the year, where I am getting paid as consultancy charges.

4. Is earn leave encashment as part of the retirement benifit also taxable?


 2 Replies

T. Kalaiselvan, Advocate (Advocate)     15 March 2024

You have repeated the same question in another thread also on the same day.

You may better consult your auditor and proceed as suggested 

Dr. J C Vashista (Advocate )     16 March 2024

Consult your chartered accountant.

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