Advance tax or self-assessment tax - 80yr. old pensioner

D Inder (Retired) (38 Points)

13 July 2017  

I am a senior citizen and a pensioner. I will be filing my income tax return electronically (e-filing through income tax department website).

 

My queries:

For the assessment year 2017-2018, taking TDS on both pension and interest income, and two Advance Tax installments (that I paid in September 2016 and December 2016) into consideration, I still have outstanding tax liability. Let's assume this amounts to INR 10K!

When paying this INR 10K, using Challan / ITNS 280 either in an authorised bank branch or online (through https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp), do I check "Advance Tax" or "Self-Assessment Tax" option? 

My understanding is that the advance tax is the tax that you pay in the same "financial year" as the income being taxed. That is, for the assessment year 2017-2018, advance tax could have been paid only up until 31-March-2017!

But since the (tax) financial year has ended, and I now need to pay this (oustanding) tax liability before I can e-file my IT return, I should select the "Self-Assessment Tax" option and NOT "Advance Tax" option.

Please confirm if my understanding is accurate.

Or should I select "Advance Tax"? Or it really doesn't matter which of the two options I select?

 

Thanks in advance.

 

 

regards