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Advance Tax Payable

177 views 4 replies

Ram

Engineer

98 Points Joined February 2009

Dear Sir,

I am a senior citizen (aged 74).

My only incomes are from bank deposits and investment in stock market. Based on my calculations, considering, all paremeters (TDS, deductions etc., ), my income tax payble works out to about Rs.22,000/- (maximum) for the AY 2022-23.

Should I pay any advance tax?

Thanks in advance for the expert answer.

Regards,

Ram

Replies (4)

Sonu Shaw

7 Points Joined September 2019

Sir, you don't have to pay advance tax.
As per section 207 of income tax act 1961 advance tax liability is not applicable to a resident senior citizen if his total income do not include income from business and profession.
As income from investment is taxable as capital gain you don't have to pay advance tax.
Thank you