Advance Tax Payable

253 views 4 replies

Dear Sir,

I am a senior citizen (aged 74).

My only incomes are from bank deposits and investment in stock market. Based on my calculations, considering, all paremeters (TDS, deductions etc., ), my income tax payble works out to about Rs.22,000/- (maximum) for the AY 2022-23.

Should I pay any advance tax?

Thanks in advance for the expert answer.

Regards,

Ram

Replies (4)
Sir, you don't have to pay advance tax.
As per section 207 of income tax act 1961 advance tax liability is not applicable to a resident senior citizen if his total income do not include income from business and profession.
As income from investment is taxable as capital gain you don't have to pay advance tax.
Thank you
THERE IS NO TAX LIABILITY

Thanks Gentlemen

 

You don't have to pay advance tax as per section 207 of income tax act 1961 as explained.

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