Advance tax liability on current income requires advance payments, with a senior resident exemption for non business income. Advance tax is payable during a financial year on the assessee's total income chargeable in the immediately following assessment year, termed current ... Summary
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Advance tax liability on current income requires advance payments, with a senior resident exemption for non business income.
Advance tax is payable during a financial year on the assessee's total income chargeable in the immediately following assessment year, termed current income, in accordance with the Chapter's advance tax provisions; however, this obligation does not apply to a resident individual who has no income under "Profits and gains of business or profession" and who is sixty years or older during the previous year.
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