Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Advance Tax Payable

317 views

Save Share

Join Us Follow Us Add as Source

Ram

Engineer

79 Points Posted on 03 August 2021

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)

Quick Summary

A 74-year-old senior citizen with income solely from bank deposits and stock market investments inquired about their obligation to pay advance tax. The consensus is that under Section 207 of the Income Tax Act, 1961, senior citizens are exempt from paying advance tax if their income does not include profits from a business or profession. Therefore, with income from investments alone, no advance tax is payable.

Sonu Shaw

22 Points Posted on 03 August 2021

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