Section 207: liability to pay advance tax

This query is : Resolved

Puneeth.H (Querist)
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01 August 2013 Dear ALL

Do senior citizens have to remit advance tax on Interest Income earned for the AY 2014-2015?

For the AY 2013-14 as per Section 207 , there was no need to remit advance tax for Resident Individuals not having Income from Business or Profession and who is of the age of 60 yrs of more during anytime of the Previou year....

Is this provision continued in Finance Act 2013 as well or is it dropped?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 August 2013 This provision will never be dropped. It was just introduced from AY 2012-13by our senior citizen FM.

It is continued... and will be continued.
.

( Our ministers are always belong to this class.... and we will also follow accordingly... )

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Ganeshbabu K

Ganeshbabu K (Expert)
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01 August 2013 Yes, provision introduced in this budget saying that it will be applicable from A.Y.2013-14 and for subsequent years

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 August 2013 "Yes, provision introduced in this budget saying that it will be applicable from A.Y.2013-14 and for subsequent years- Ganeshbabu K."
.
Actual position :
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Provision introduced in last year's budget (Finance Act, 2012 )and is effective from 01-04-2012.
.

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Section 207: liability to pay advance tax

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