Clarification on Advance Tax Liability in case of Senior Citizen Individual

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....larification on Advance Tax Liability in case of Senior Citizen Individual<br> Query (Issue) Started By: - Lalitha Krishnamurthy Dated:- 27-2-2026 Last Reply Date:- 9-5-2026 Income Tax<br>Got 1 Reply<br>Income Tax<br>Respected Sir/Ma&#39;am, We seek your guidance regarding the applicability of advance tax provisions in the case of a senior citizen under the following circumstances: â€....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....¢ 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 • Where a senior citizen individual incurs a b....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....usiness 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 gu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....idance on the matter. Reply By FCA Adv amit aggarwal: The Reply: Neeta Rohit Patel vs DCIT -&nbsp;2021 (8) TMI 5 - ITAT MUMBAI The Mumbai ITAT held that: • assessee was a senior citizen, • income included exempt share profit from partnership firm u/s 10(2A), • no other taxable PGBP income existed, • therefore Sections 234B and 234C intere....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....st were not leviable. 1. liability of advance tax tax shall not arise and also interest thereon 2. also in case of loss, liability of advance tax tax shall not arise and also interest thereon<br> Discussion Forum - Knowledge Sharing ....