Advance Tax Payment by Senior Citizens

Income Tax
1

Dear Team
I want to know whether Advance Tax needs to be paid by Senior Citizens and are there any conditions.

Thanks for your support

2

Hi @Raj_Kumar1 ,

A person whose tax liability exceeds 10,000 has to pay advance tax.

However there is an exception for senior citizens (60 years or more), not having any taxable income under Business and Profession. There is no requirement for them to pay advance tax.

Check this https://learn.quicko.com/advance-tax#1-who-is-liable-to-pay-advance-tax

1 Like
3

Hi, I am a senior citizen. I have earned Rs.30,000/- from intraday trading in addition to STCG of Rs.80,000/- and LTCG of around Rs.6 lakhs during current FY. As intraday trading is falling under business income, do I (senior citizen) need to pay advance tax? If so, on entire earnings or only on intraday gains? It would be great if you give your valuable inputs.
Best regards

4

Hi @KMK,

Senior citizens are exempted from paying advance tax if they do not have income from business/profession. However, as you have income from intraday trading which is considered business income, you’ll be liable to calculate and pay advance tax on your entire income including the capital gains and intraday profits.