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Ram (Engineer)     03 August 2021

Advance Tax Payable

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



 4 Replies

Sonu Shaw

Sonu Shaw   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
1 Like
sabyasachi mukherjee

sabyasachi mukherjee   03 August 2021

THERE IS NO TAX LIABILITY
Ram

Ram (Engineer)     03 August 2021

Thanks Gentlemen

 

Nidhi

Nidhi (Chief Accountant)     04 August 2021

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

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