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<h1>Advance tax payable during financial year under rules for advance tax; senior resident individuals (60+) with no business income exempt</h1> Tax is payable in advance during a financial year, computed under the rules for advance tax, in respect of the assessee's total current income that will be chargeable to tax for the immediately following assessment year. The advance tax regime applies generally to all assessees except a resident individual who is at least sixty years old at any time during the previous year and who has no income chargeable under the head 'Profits and gains of business or profession.'