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Advance tax payment for senior citizens / pensioner
Is their any exemption for payment of advance tax of senior citizen/ pensioner.
Replies (11)
Quick Summary
Yes. According to Section 207 of the Act, a resident Senior citizen (an individual of age 60 years or more) who does not have any income from business or profession is exempted from paying any advance tax.
Another condition is there.
@ Sabyasachi , What condition????
General exemption 10k liability
It's a very general thing, no advance tax liability arises at all in this case.
But for senior citizen there is only one exception as discussed by Dhirajlal Sir
But for senior citizen there is only one exception as discussed by Dhirajlal Sir
?? ..
As per section 207, a resident senior citizen (i.e., an individual of the age of 60 years or above) not having any income from business or profession is not liable to pay advance tax.
@ Agree with CA Rashmi Gandhi mam and Dhirajlal
@ Dhananjay Bhatt,
It depends on your taxable income
It depends on your taxable income
How???? @ eshwar reddy
Tax liability aggregating rs. 10000 or more.
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