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Payment of Advance Tax in certain cases

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50 Points Posted on 05 September 2024

It is quite clear that senior citizens (60 years or more) do not have to pay advance tax if they do not have income under the head "Profit or Gains from Busiess or Profession" However saw one or two conflicting advices.

So just want to double confirm. Do senior citizens having capital gains, dividend income and interest etc have to pay advance tax.

Secondly, also wanted to confirm, when an individual turns 60 in the middle of current financial year, can payment of advance tax be avoided in the said "current financial year"

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Quick Summary

This discussion clarifies the rules around advance tax payments for senior citizens (aged 60 and above). It confirms that senior citizens are exempt from paying advance tax if their income does not include profits or gains from a business or profession. The query also addresses whether senior citizens with capital gains, dividend income, or interest income are liable for advance tax, and what happens if an individual turns 60 during the financial year.