Advance tax provisions are not applicable to senior citizens
This query is : Resolved
30 November 2014
Sir
I am resident senior citizen age 62 yrs i came to know " Senior Citizens not having Business Income Exempt From Advance tax payment"
Please tell me is this clause is applicable to me ? I have following sources of income :-
1-Income form Salary
2-Income from rented property
3-Intrest Income from KVP/NSC/Bank FDs
4-Capital Gains/Loss from Gold ETF/ Stocks / Equity and Debit Mutual Funds
I do not have any source of income other than above tell me m i eligible for the exemption from advance tax for SR Citizens if not then please tell me which source from above mentioned sources make me ineligible.
Thanks
I am resident senior citizen age 62 yrs i came to know " Senior Citizens not having Business Income Exempt From Advance tax payment"
Please tell me is this clause is applicable to me ? I have following sources of income :-
1-Income form Salary
2-Income from rented property
3-Intrest Income from KVP/NSC/Bank FDs
4-Capital Gains/Loss from Gold ETF/ Stocks / Equity and Debit Mutual Funds
I do not have any source of income other than above tell me m i eligible for the exemption from advance tax for SR Citizens if not then please tell me which source from above mentioned sources make me ineligible.
Thanks
CA Kumar Mukesh
(Expert)
01 December 2014
Senior Citizen does not having income chargeable under the income from Profir and gains from Business and profession doesn't require to advance tax as per Finance Act 2012-13
01 December 2014
yes you are eligible for exemption from paying advance tax
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