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Advance Tax

1 reply, 2 voices Last updated by Akash Rohada 5 months, 1 week ago
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  • #8603

    Priya Bhandarkar
    Participant
    @priy@123

    Who is not required to pay Advance tax as per the Income Tax Law?

    0
    #8620

    Akash Rohada
    Participant
    @Akashv__

    Following aren’t required to pay advance tax under the Income-Tax Law:
    • A resident senior citizen (an individual of the age of 60 years or above as on the last day of the previous year.) not having any income from business or profession is not liable to pay advance tax.
    • A taxpayer who opted for presumptive taxation scheme under section 44AD or section 44ADA is liable to pay 100% of advance tax by 15th March.

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