He does not have any other source of income.
He wants to declare income under Section 44AD at 8% of the turnover. Kumar runs a provision store, and the turnover of his store for the financial year 2022-23 amounted to Rs. Senior citizens who do not have any income from business or profession are exempt from paying advance tax, regardless of the estimated tax liability for the year.įor example, Mr. However, if the taxpayer has any other source of income apart from the business covered under section 44AD, he will be required to pay advance tax on the overall estimated tax liability for the year. This provision applies to all taxpayers except for senior citizens (i.e., individuals of the age of 60 years or above during the relevant financial year) who do not have any income from business or profession. 10,000 or more shall pay his tax in advance, in the form of "advance tax". As per Section 208 of the Income Tax Act, every person whose estimated tax liability for the year is Rs.
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