banner_ad

Advance Tax Payable

223 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.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details