Nirali Nayak 13 June 2021
My father is a retired disability pensioner of Indian Air Force. He is getting disability pension of Rs 3,20,000 (AY 20-21). But he started share brokerage on commission. He will get Rs 60000 as commission. He will get Rs 2,00,000 as interest on deposits. But he lost 3 lakh Rs in share trading. Which IT Form needs to be filled and whether he needs to pay any advance tax? Whether he needs the tax audited? Please let me know.
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 13 June 2021
You need to file a return if your annual pension income exceeds Rs 2.5 lakh. In case of senior citizens of the age of 60 or above, the limit is Rs 3 lakh. And, in the case of super senior citizens of the age of 80 and above, the limit is Rs.5 lakhs. No need to pay any advance tax.
Sankaranarayanan (Advocate) 13 June 2021
Submit all records to local tax consulting person chartered account and get clarity
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