I am a senior citizen of 62 years and my wife is 58 years old. We both have earned long-term capital gain on sale of shares and old ancestors’ property. We also have regular interest income. Kindly let us know whether we are liable to pay advance tax for the financial year 2021-22 and if yes, then what is the time limit?
Under Section 208 of the Income Tax Act, senior citizens (resident individual who is at least 60 years of age at any time during the financial year) is not liable for payment of any advance tax, if he or she does not have any income from business or profession. From your question it is very clear that you are 62 years old and having income under the head capital gains and income from other sources. Therefore, you are not liable to pay any advance tax for the financial year 2021-22. You are supposed to pay the entire tax by way of self assessment tax on or before the due date of filing the Income Tax Return i.e. before July 31, 2022. Your wife is not a senior citizen. Therefore, she is liable to pay advance tax in four instalments i.e. 15 per cent on or before June 15, 2021, 45 per cent on or before September 15, 2021, 75 per cent on or before December 15, 2021 and 100 per cent on March 15, 2022.
Can you explain the new amendments related to obtaining a tax audit report under section 44AB of the Income Tax Act?
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