I am a senior citizen not liable for advance tax provide I do not have any income chargeable under the head "Profits and gains of business or profession".
My speculative business gain for AY 26-27 is Rs. 50 (gross). However, with expenses on trading activity (single inadvertant trade), there is net loss of Rs. 17/-. Am I liable for advance tax and the penalties thereof u/s 234?
Thanks for the clarification in advance?
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'
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