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Advance Tax payment

07 January 2021

is there any liability to pay advance Tax for persons above 60 years of age and has a taxable income in the current year.. individual assessee

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4 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 07 January 2021

No if 60 years of age then there is no required to pay advance tax

Madhavan R (91 Points)
Replied 07 January 2021

Thanks for your reply and happy relief

1 Like

Kapadia Pravin (17264 Points)
Replied 07 January 2021

If the assessee is having business head income then individual assessee is required to pay advance tax. Otherwise no advance tax payment.

Krishna Chaudhary (Accountant) (4531 Points)
Replied 09 January 2021

Every person whose estimated tax liability for the year is Rs. 10,000 or more is liable to pay advance tax. However, a resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax.