15 December 2014
I want to know a female Senior citizen pension holder with engage a business as a partner of a partnership firm & she earn any income as salary & business profit for the FY-2014-2015, Should she be mandate or liable to pay Advance Income Tax ?
15 December 2014
U/s 207(2) of the income tax exempt following person to pay advance tax i.e.,
1. Does not have any income chargeable under the head "profits and gains of business or profession. AND
2. is of the age of sixty years or more at any time during the previous year.
From above senior citizen having business income required (mandatory) to pay advance tax .
In partnership firm if she get only profit (which is exempt in individual hands ) and pension liable for TDS (under 192) so no need further Advance tax to be paid . Other wise than profit if she get interest on capital and remuneration need to pay advance tax according to 207(2) and also ref. section 208.
15 December 2014
it her age 60 and above and no business income then no need to deposit the advance tax. if she get the remuneration and intt from partnership then she have to pay advance tax.
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