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of <h1>Finance Bill 2012 amends Section 207, exempting seniors from advance tax if no business income exists.</h1> Clause 80 of the Finance Bill, 2012 amends section 207 of the Income-tax Act, renumbering it as sub-section (1) and introducing sub-section (2). The amendment exempts individuals residing in India from advance tax payment if they are aged sixty or older and have no income under 'Profits and gains of business or profession.' This change applies retrospectively from April 1, 2012, altering the existing requirement for advance tax payment based on total assessable income for the following assessment year.
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