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Advance tax for senior ctizen

Tax queries 515 views 11 replies

Hi Everyone,

Is advance tax to be paid by Senior Citizen if she is a partner in Partnership Firm? 

She wont receive any remuneration  or interest on capital, but she receives only share of profit at some percentage. Apartner from share of profit, she is getting House Property Income and Interest Income from Bank FD's.

Is she liable to pay advance tax, please guide me.

 

Srikanth,.R

 

 

Replies (11)

A resident senior citizen not liable to pay advance tax if have no income chargeable under head business & profession.I think she is not liable to pay advance tax as profit from partneship firm is exempt under income tax act and besides this she dont have any income chargeable u/h business & profession.

if something new you get to know about this provision then pls share.

Thanks

Second SR on the response

Agree with Tejas
Not laible to advance tax
Agree with above answers
Hii sir Can I file return form of income tax AS2 online as i am doing job under CA
Not agree with this. Plz provide details in respect to advance tax in a professional manner
If tax payble is less than rs.10000 then there is no need to pay advance tax by any assesses

yes if total tax liability less tds is less than rs.10000 then there is no liability of advance tax.

Now agree with tejas sir

No she will not be to pay advance tax as profit from partnership firm is exempt u/s 10(2A) and hence does not form part of total income and there is no income chargeable under income from business and profession.Needless to say she should be a resident senior citizen who has completed 60 years or more.


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