https://www.taxtmi.com/article/detailed?id=12136 Section 207 currently exempts a resident individual aged sixty years or more from advance tax only if they have no income chargeable under the head "Profits and gains of business or profession". The author proposes amending Section 207 to remove that condition so that all incomes of resident senior citizens, including business and professional receipts, are not subject to advance tax, thereby preventing minor business receipts from triggering advance tax obligations and related interest and disputes. en-us Sat, 16 Dec 2023 11:31:03 +0530 Sat, 16 Dec 2023 11:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12136 Section 207 currently exempts a resident individual aged sixty years or more from advance tax only if they have no income chargeable under the head "Profits and gains of business or profession". The author proposes amending Section 207 to remove that condition so that all incomes of resident senior citizens, including business and professional receipts, are not subject to advance tax, thereby preventing minor business receipts from triggering advance tax obligations and related interest and disputes. Articles Income Tax Sat, 16 Dec 2023 11:31:03 +0530 https://www.taxtmi.com/article/detailed?id=12136