Advance tax liability applies to current income; senior resident individuals without business income are exempted. Advance tax is payable during a tax year in respect of the assessee's current income-the total income chargeable to tax for that year-and advance payments must be made in that year; however, resident individuals who have no income under Profits and gains of business or profession and who qualify as senior residents during the tax year are exempt from that advance payment requirement.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Advance tax liability applies to current income; senior resident individuals without business income are exempted.
Advance tax is payable during a tax year in respect of the assessee's current income-the total income chargeable to tax for that year-and advance payments must be made in that year; however, resident individuals who have no income under Profits and gains of business or profession and who qualify as senior residents during the tax year are exempt from that advance payment requirement.
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