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TDS on other income of senior citizens

I am having income other than income from deposits with a bank. I would like to have tax deducted even for such other income by the bank. Is it possible? and (2) I am a senior citizen who is still in employment. I have made some capital gains. I would like to have tax deducted at source by the employer. But Form 16 does not have any column for it.

A number of queries are received from readers who would like to avoid filing an independent return. They wrongly assume that if tax is adequately deducted they need not file a return. Return of income is expected from every one who has taxable income even where tax is not payable because of adequate tax deduction. In fact, the law provides for penalty of Rs. 5,000 under Sec. 271F for those who have failed to furnish voluntary return before the end of the assessment year, irrespective of the fact whether there was any tax liability or not, as long as he is obliged to file a return under Sec. 139(1) because of his income exceeding the exemption limit.

It is only in the case of employees, they can have tax deducted with reference to their other income as provided under Sec. 192(2B) by filing a statement in the prescribed form with the employer. But no such form has been prescribed. But a statement of income “verified” by the assessee could be adequate as per Rule 26B. The only condition is that any loss suffered other than loss under the head “property”, cannot be taken into account in such statement. But this facility of having tax payable on other income deducted at source is not available for assessees other than employees. The shortfall has to be made good by payment of advance tax, if such liability for advance tax exceeds Rs. 5,000. If the advance tax requirement exceeds Rs. 5,000 and it is not so paid, interest under Sec. 234B for shortfall in advance tax and under Sec. 234C for non-payment of instalments on due dates would be charged. If the return itself is delayed, there would be further liability for interest for delayed return. If the tax payable falls below Rs. 5,000, there is no liability for interest, if self-assessment tax is paid along with the return filed on due date for filing return under Sec. 139(1).

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