Advance tax liability applies to current income; resident seniors without business or professional income exempt. Advance tax is payable during a Financial year in respect of an assessee's current income. 'Current income' means the total income chargeable to tax for that tax year. The advance-tax requirement does not apply to a resident individual who has no income under Profits and Gains of Business or Profession and who is sixty years of age or older at any time during the tax year.
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; resident seniors without business or professional income exempt.
Advance tax is payable during a Financial year in respect of an assessee's current income. "Current income" means the total income chargeable to tax for that tax year. The advance-tax requirement does not apply to a resident individual who has no income under Profits and Gains of Business or Profession and who is sixty years of age or older at any time during the tax year.
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