Specify the persons who are not required to pay advance tax as per the provisions of the Income-tax Act, 1961. OR State, with appropriate reasons,…

(a) First Alternative An assessee is not liable to pay advance tax if the advance tax payable, in his case, is less than - 10,000 during the financial year. An individual resident, who is of the age of 60 years or more at any time during the previous year and does not have any income chargeable under the head "Profits and gains of business or profession” is also not required to pay advance tax. (b) Second Alternative (i) False: A return revised earlier can be revised again as the first revised return replaces the original return. Therefore, if an assessee discovers any omission or wrong statement in such a revised return, he can furnish a second revised return within the prescribed time i.e. at any time before three months prior to the end of the relevant assessment year or before the completion of assessment, whichever is earlier. (ii) False: If any person has a loss in any previous year and has furnished a return of loss on or before the due date of filing return of income under section 139 (1) , he shall be allowed to furnish an updated return if such updated return is a return of income.