Chartered Accountant
60 Points
Joined August 2010
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 not liable to pay advance tax. For instance, a senior citizen may have various sources of income such as rental income, pension, interest from bank deposits, or dividends. She does not have to pay advance tax, as these sources of income do not fall under the income tax head of “income from business or profession". Such an exemption is irrespective of the amount of income that a senior citizen earns from a source other than business or profession.