Liabiality payment of advance tax in case of senior citizen
This query is : Resolved
pravindsangani
(Querist)
08 February 2016
i am senior citizen . my source of income is rent income, other income , capital gain . whether i am
applicable for the payment of Advance tax if not having business income
applicable for the payment of Advance tax if not having business income
08 February 2016
1. Advance tax is payable if the total tax liability after reducing the TDS / TCS is more than Rs. 10,000/-;
2. Senior citizens (i.e. resident individuals aged 60 years or above) who do not have any income from business / profession are exempted from the payment of advance tax w.e.f. 01/04/2012.
2. Senior citizens (i.e. resident individuals aged 60 years or above) who do not have any income from business / profession are exempted from the payment of advance tax w.e.f. 01/04/2012.
26 November 2016
Yes, senior citizens and super senior citizens are exempted from 1st April,2012 from payment of advance tax if his total tax liability after deducting TDS/ TCS is Rs 10000 or more.but they should not have any business/professional income.
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