Applicability od section 44AD of Income tsc

[ashok singhee]

I am a senior citizen and have following incomes:

1.Business income under presumptive tax of 8%

2.Rent from commercial property (TDS deducted)

3.Interest on savings(TDS deducted)

My query is:

Since I have opted for section 44AD, do I still need to pay advance tax in all four /one instalments because of other incomes than business (rent and interest) ,?( Being senior citizen, I am not required to pay advance on income other than business.)

AI Summary

Senior Citizen Questions Advance Tax Requirements Under Section 44AD for Mixed Income Sources Including Rental and Interest Income. A senior citizen inquires about the applicability of advance tax payments under section 44AD of the Income Tax Act. They have business income taxed presumptively at 8%, rental income from commercial property with TDS deducted, and interest income with TDS deducted. The query seeks clarification on whether advance tax needs to be paid in installments due to the rental and interest income, given the exemption for senior citizens from paying advance tax on non-business income.