Advance Tax for senior citizen with small speculative income but net loss

Advance tax exemption NOT available

Thanks for reply. But technically there is nil income chargeable under the head 'Profits or gains from business or profession'

Advance tax provision does not apply to a single transaction as you detailed, but will be applicable in toto for all your income earned different heads of income, during the year. As for the speculative gain/ loss, it should be included in your ITR.

Thanks for the reply. I am aware of the provisions that advance tax would be applicable to all the heads. My draft ITR 3, with Rs. 50 gain shows penalty upwards of Rs. 1 lakh. However, when I enter cost of speculative business as Rs. 67/- (net loss of Rs.17), the penalty in draft ITR becomes NIL. Please throw light on this aspect...because a penalty of more than Rs. 1 lakh vis-a-vis a small speculative transaction and that too with a loss...is really going to hurt.

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