Advance tax on proprietorship firm of senior citizen
This query is : Resolved
06 September 2013
Senior Citizen, having Taxable Income liable for Advance Tax from Proprietorship Firm. Is the person required to pay Advance Tax for Assessment Year 2014-15.
06 September 2013
if such senior citizen do not have any income from business then no need to pay advance tax.
07 September 2013
Yes. The said senior citizen has to pay advance tax since the person has 'income from business'. Please see section 207(2) of the Income tax Act,1961.
13 September 2013
Thank You Sir.
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