05 March 2013
Sir, Could you please tell me if senior citizens are exempted from paying advance tax for the AY 2013-2014. There seem to be mixed views on this issue. Thanks. Capt Benji
05 March 2013
The Finance Act, 2012, provides that in case of a senior citizen,advance tax provisions would not apply in case such a senior citizen does not have income from business or profession.
05 March 2013
NO need to pay advance tax by senior citizens during financial year 2012-13 and subsequent years if they does not have income from 'business or profession'. Please refer section 207(2) of the Income tax Act,1961.
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