DEDUCTION OF INCOME TAX (TDS) ON PENSION & INCOME FROM OTHER SOURCES
1. Tax has to be given. You can reduce it legally or claim it's refund while filing tax
2. First & foremost, if you have been migrated during Current Financial Year 2023-24. Accountability for TDS lies, both with Bank till the time you were Paid Pension by them as PDA and SPARSH after the date you got migrated to SPARSH on payment of Pension & Arrears if any.
3. TDS on Income from other Sources such as TDR rest with the Bank. Irrespective of Bank having your PAN or Not and you are in Tax bracket of 30 % their System Deducts TDS @ 10 % OR 20 %. As it is, we always have to Deposit the TDS at the time of filing the ITR whatever is Due & automatically Shown as Demand.
4. Banks were Deducting the TDS on Payment of Pension & Arrears if any, as per your Declaration given in Apr & Option of Tax Regime & Deductions declared.
5. After getting migrated, it is mandatory to give your Option of Tax deduction New Tax Regime or Old in the SPARSH Portal. Incase we fail to give the Option, the System by default takes your Opinion as New Tax Regime & Deducts the TDS Accordingly.
6. Payment of Advance Tax every Quarter if your Income Tax is more than Rs 10000/- is not Mandatory in the case of Senior Citizens above 60 years of age. The majority of us are above 60 Years, therefore we are Exempted from Payment of Advance Tax.
7. Therefore please don't be in Tension or Panic. At the time of filing the ITR, the System will work for you & let you know if there is Demand or Refund. If it shows the Demand, the TDS due can always be paid online there & then & ITR submitted. Please take life easy & live long. God Bless !