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    Question

    Who among the following assesses is NOT liable to pay

    advance tax?
    A Mr. Aradhya (age 59 years) earns ₹14,00,000 from salary income and no income from his business. Correct Answer Incorrect Answer
    B Mr. Aradhya (age 61 years) earns ₹6,00,000 from salary income and ₹2,00,000 profit from his business. Correct Answer Incorrect Answer
    C Mr. Aradhya (age 45 years) earns ₹4,00,000 from salary income and ₹2,00,000 profit from his business. Correct Answer Incorrect Answer
    D Mr. Aradhya (age 62 years) earns ₹10,00,000 from salary income and no income from his business. Correct Answer Incorrect Answer

    Solution

    As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer. Person not liable to pay advance tax As discussed above, every person whose estimated tax liability for the year is Rs. 10,000 or more is liable to pay advance tax. However, a resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax.

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