Advance tax by senior citizen

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anckoora (Querist)
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24 January 2013 DEAR EXPERTS,

If a Senior Citizen has taxable income of 35 lacs, then , being a senior citizen, is he exempted from paying advance tax under Income Tax ?

Awaiting you reply,

Regards

anckoora

CA Chandra Kishore Bajpai

CA Chandra Kishore Bajpai (Expert)
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24 January 2013 no exemption from advance tax if there is liability to pay

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 January 2013 If the income is not from 'business or profession' no need to pay advance tax by a senior citizen for assessment year 2013-14 and subsequent years vide section 207(2) of the Income tax Act,1961.

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CA Prashant Gupta

CA Prashant Gupta (Expert)
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24 January 2013 from F.Y. 2012-13. if an individual is atlest 60 years in any time during the year and doesn't has income from business/profession then he is not liable to pay advance tax

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