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Asked by namish on :Jun. 27, 2018

I am senior citizen of 62 years having tota…

I am senior citizen of 62 years having total income of 6 lacs which comprises of salary …

I am senior citizen of 62 years having total income of 6 lacs which comprises of salary and interest on FD. Does advance tax is payable on such income?

0

Jeeba Jun. 27, 2018

A person whose estimated tax liability for the year is Rs. 10000 or more, he will be liable for the advance tax.

However, senior citizens are specifically given a relief under the act. As per the act, a resident senior citizen who does not have any income from business or profession need not pay advance tax.

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