Advance Tax liability for Senior Citizen
NARENDER BHATI (42 Points)
12 September 2021NARENDER BHATI (42 Points)
12 September 2021
Amish
(General)
(340 Points)
Replied 12 September 2021
Section 207 - Liability for payment of
(2) The provisions of sub-section (1) shall not apply to an individual resident in India, who—
(a) does not have any income chargeable under the head "Profits and gains of business or profession"; and
(b) is of the age of sixty years or more at any time during the previous year.
So if you are not running a business or profession than you do not have to pay advance tax.
NARENDER BHATI
(42 Points)
Replied 12 September 2021
sabyasachi mukherjee
(27603 Points)
Replied 12 September 2021
Amish
(General)
(340 Points)
Replied 12 September 2021
Originally posted by : NARENDER BHATI | ||
Say total taxable income Rs 10 lakhs, 9 lakhs of income under other heads and 1 lakh of income under PGBP in a FY then advance Tax liability is only on 1 lakh of income. Am I correct? |
No since you have Income from business/profession. So you are not exempt and you have to advance tax on full 10 lakhs not just 1 lakh
sabyasachi mukherjee
(27603 Points)
Replied 12 September 2021
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961