Clarification on Advance Tax Liability in case of Senior Citizen Individual

[Lalitha Krishnamurthy]

Respected Sir/Ma'am,

We seek your guidance regarding the applicability of advance tax provisions in the case of a senior citizen under the following circumstances:

1. Where a senior citizen individual is a partner in a partnership firm and derives income in the form of share of profit, which is exempt under Section 10(2A) of the Income-tax Act, 1961 and does not have any taxable income chargeable under the head 'Profits and Gains of Business or Profession' (PGBP) in his individual capacity; or

2. Where a senior citizen individual incurs a business loss during a particular financial year but does not have any taxable income chargeable under the head 'Profits and Gains of Business or Profession' (PGBP) in his individual capacity.

In the above situations, we request your clarification on whether such an individual would be liable to pay advance tax under Section 208 of the Income-tax Act, 1961.

We look forward to your valuable guidance on the matter.

AI Summary

Advance tax liability for senior citizens where partnership share is exempt or individual business shows loss needs clarification. Whether a senior citizen is subject to advance tax under Section 208 when the only partnership receipt is an exempt share of profit or when the individual incurs a business loss, and in both cases has no taxable income under Profits and Gains of Business or Profession.