Income tax payers know about your Advance tax, pay before June 15th to avoid penalty.

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  1. nikhil9090

    nikhil9090 Member

    Person not liable to pay advance tax:

    A taxpayer opting for the presumptive taxation scheme of section 44AD will not be liable to Pay advance tax in respect of business for which the presumptive taxation scheme of section 44AD is adopted.

    1. 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. In other words.

    2. He is an individual

    3. He is resident In India as per the Income-tax Act

    4. He is not having any income chargeable to tax under the head “Profits and gains of business or profession”
     
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