sec 207and it's applicability
Ajay Neema (51 Points)
07 September 2019
please clearify it's applicability
7 Replies
CA. Atul Pithadia
(Chartered Accountant)
(60 Points)
Replied 07 September 2019
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 not liable to pay advance tax. For instance, a senior citizen may have various sources of income such as rental income, pension, interest from bank deposits, or dividends. She does not have to pay advance tax, as these sources of income do not fall under the income tax head of “income from business or profession". Such an exemption is irrespective of the amount of income that a senior citizen earns from a source other than business or profession.
Ajay Neema
(51 Points)
Replied 07 September 2019
thanks for your quick response.Thus we can suppose no interest payble if self assessment tax on time.
CA. Atul Pithadia
(Chartered Accountant)
(60 Points)
Replied 07 September 2019
If no income from business or profession and age is 60 years or above
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 07 September 2019
1. Sec 207 deals with liability to pay advance tax. Advance is applicable to all the assessee if the amount of self-assessment tax (less TDS) is more than Rs. 10,000.
2. However, this provision will not be applicable for Resident Individual who is above 60 years of age and does not have income from Profits and gains from business or profession.
3. To answer your question Advance Tax provision as per sec 207 will not be applicable for a resident individual who is above 60 years of age and does not have income from PGBP. Payment of self-assessment tax before filing the ROI and before the due date is enough.
4. It is important to note that it does not apply only to the residential individual who is above 60 years of age. It still applies to Non-Resident Individual who is above 60 years of age.
Please correct me if the above solution has an alternative view.
Kapadia Pravin
(17259 Points)
Replied 07 September 2019
Resident senior citizens having no income under the head business/Profession) are exempted u/s 207 from payment of advance tax.
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