Amendment of section 207.
80. Section 207 of the Income-tax Act shall be renumbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:—
“(2) The provisions of sub-section (1) shall not apply to an individual resident in India, who—
(a) does not have any income chargeable under the head “Profits and gains of business or profession”; and
(b) is of the age of sixty years or more at any time during the previous year.”.
Notes on Clauses:
Clause 80 of the Bill seeks to amend section 207 of the Income-tax Act relating to liability for payment of advance tax.
The existing provisions contained in the aforesaid section 207 provide that the tax shall be payable in advance during any financial year, in accordance with the provisions of sections 208 to 219 (both inclusive), in respect of the total income of the assesses which would be chargeable to tax for the assessment year immediately following that financial year.
It is proposed to amend the aforesaid section so as to insert a new sub-section (2) to provide that the provisions of the aforesaid section shall not apply to an individual resident in India who does not have any income chargeable under the head “Profits and gains of business or profession” and is of the age of sixty years or more at any time during the previous year.
This amendment will take effect retrospectively from 1st April, 2012.
