Advance tax by senior citizen
This query is : Resolved
24 January 2013
DEAR EXPERTS,
If a Senior Citizen has taxable income of 35 lacs, then , being a senior citizen, is he exempted from paying advance tax under Income Tax ?
Awaiting you reply,
Regards
anckoora
If a Senior Citizen has taxable income of 35 lacs, then , being a senior citizen, is he exempted from paying advance tax under Income Tax ?
Awaiting you reply,
Regards
anckoora
24 January 2013
no exemption from advance tax if there is liability to pay
24 January 2013
If the income is not from 'business or profession' no need to pay advance tax by a senior citizen for assessment year 2013-14 and subsequent years vide section 207(2) of the Income tax Act,1961.
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CA Prashant Gupta
(Expert)
24 January 2013
from F.Y. 2012-13. if an individual is atlest 60 years in any time during the year and doesn't has income from business/profession then he is not liable to pay advance tax
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