02 April 2012
In the recent budget of 2012, it is stated that Senior Citizens are exempted from paying Advance Tax. Does that mean that hence forth what ever payments are made to Individuals who are Senior Citizens we as a company need not deduct TDS.
03 April 2012
They are exempt from paying advance tax if they dont have any income under B/P. The benefit is given to the Sr Citizens and not to deductees. Hence, a company has to deduct TDS if applicable, on payments made to sr citizens.
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