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Advance tax on proprietorship firm of senior citizen

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06 September 2013 Senior Citizen, having Taxable Income liable for Advance Tax from Proprietorship Firm. Is the person required to pay Advance Tax for Assessment Year 2014-15.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
06 September 2013 if such senior citizen do not have any income from business then no need to pay advance tax.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
07 September 2013 Yes. The said senior citizen has to pay advance tax since the person has 'income from business'. Please see section 207(2) of the Income tax Act,1961.
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Santosh Kumar Agarwal

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Santosh Kumar Agarwal (Querist)
13 September 2013 Thank You Sir.
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