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<h1>Advance tax due on current year's taxable income; exemption for resident individuals 60+ with no business or profession income</h1> Advance tax is payable during a financial year on the assessee's current income, meaning the total income chargeable to tax for that tax year. The obligation applies as set out in this Part, except that it does not apply to a resident individual who has no income chargeable under 'Profits and gains of business or profession' and who is sixty years of age or older at any time during the tax year.