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Advance tax payment for senior citizens / pensioner

Dhananjay Bhatt (41 Points)

19 August 2022

Is their any exemption for payment of advance tax of senior citizen/ pensioner.

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11 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167565 Points)
Replied 19 August 2022

Yes. According to Section 207 of the Act, a resident Senior citizen (an individual of age 60 years or more) who does not have any income from business or profession is exempted from paying any advance tax.

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sabyasachi mukherjee (27121 Points)
Replied 19 August 2022

Another condition is there.

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 19 August 2022

@ Sabyasachi , What condition????

1 Like

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 19 August 2022

General exemption 10k liability

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 19 August 2022

It's a very general thing, no advance tax liability arises at all in this case.

But for senior citizen there is only one exception as discussed by Dhirajlal Sir

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Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 19 August 2022

?? ..

Sai Allu (754 Points)
Replied 19 August 2022

As per section 207, a resident senior citizen (i.e., an individual of the age of 60 years or above) not having any income from business or profession is not liable to pay advance tax.

1 Like