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Advance Tax liability for Senior Citizen
I am a senior citizen, do I have to pay advance tax on capital gains from equity shares/mutual funds and Debt mutual funds for FY 2021-22?
Replies (6)
Section 207 - Liability for payment of
(2) The provisions of sub-section (1) shall not apply to an individual resident in India, who—
(a) does not have any income chargeable under the head "Profits and gains of business or profession"; and
(b) is of the age of sixty years or more at any time during the previous year.
So if you are not running a business or profession than you do not have to pay advance tax.
Not required
Say total taxable income Rs 10 lakhs, 9 lakhs of income under other heads and 1 lakh of income under PGBP in a FY then advance Tax liability is only on 1 lakh of income. Am I correct?
The advance tax liability is applicable for all individuals whose income is taxable except where the Income is exempted from tax. Refer Sec 10- which enumerates the details of exempted income.
| Originally posted by : NARENDER BHATI | ||
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Say total taxable income Rs 10 lakhs, 9 lakhs of income under other heads and 1 lakh of income under PGBP in a FY then advance Tax liability is only on 1 lakh of income. Am I correct? |  |
No since you have Income from business/profession. So you are not exempt and you have to advance tax on full 10 lakhs not just 1 lakh
In case you have business loss at the year.
if you pay nominal amount as adv. tax that will be adjusted on filing returns and you get refund pertaining to that assessment year.
if you pay nominal amount as adv. tax that will be adjusted on filing returns and you get refund pertaining to that assessment year.
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