Advance tax

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2018 Dear Experts,

One of the my client is senior citizen having rent income and FD interest. He also partner in partnership firm from which he received profit ( no salary or interest received). Can he liable for advance tax for F.Y. 2017-18?

Thanks

swasti

swasti (Expert)

25 August 2018 EXEMPTION FROM PAYMENT OF ADVANCE TAX TO
RESIDENT SENIOR CITIZEN
As per section 208 every person whose estimated tax liability for the year exceeds Rs.
10,000, shall pay his tax in advance in the form of “advance tax”. Thus, any taxpayer
whose estimated tax liability for the year exceeds Rs. 10,000 has to pay his tax in
advance by the due dates prescribed in this regard. However, 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.
In other words, if a person satisfies the following conditions, he will not be liable to pay
advance tax:
1) He is an individual
2) He is resident in India as per the Income-tax Act
3) He is of the age of 60 years or above at any time during the year
4) He is not having any income chargeable to tax under the head “Profits and gains
of business or profession

Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2018 Dear Expert,
It means in my client case advance tax need to be paid.

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