Which persons are not liable to pay Advance Tax?

1.	Which persons are not liable to pay Advance Tax?
Answer» Following persons are not liable to pay advance tax even if their tax liability is Rs. 10,000 or more: 1. A resident assessee, 60 years or more, not having any income from business or profession, need not pay advance tax and are allowed to discharge their tax liability (other than TDS) by payment of self-assessment tax, 2. An assessee who has opted for the Presumptive Taxation Scheme under section 44AD on at the rate of 8 per cent of turnover, shall be exempted from payment of advance tax related to such business .

Answer»

Following persons are not liable to pay advance tax even if their tax liability is Rs. 10,000 or more:

1. A resident assessee, 60 years or more, not having any income from business or profession, need not pay advance tax and are allowed to discharge their tax liability (other than TDS) by payment of self-assessment tax,

2. An assessee who has opted for the Presumptive Taxation Scheme under section 44AD on at the rate of 8 per cent of turnover, shall be exempted from payment of advance tax related to such business .

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