What is Liability for payment of advance tax? What are
Conditions of liability to pay advance tax?
207 and 208 of Income Tax Act 1961
Liability for payment of advance tax and Conditions of
liability to pay advance tax are defined under section
207 and 208 of Income Tax Act 1961. Provisions under these Sections
Section 207 of Income Tax Act "Liability for
payment of advance tax"
Section 207. (1) 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 assessee which would be chargeable to
tax for the assessment year immediately following that
financial year, such income being hereafter in this Chapter
referred to as "current income".
(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.
Section 208 of Income Tax Act "Conditions of
liability to pay advance tax"
Section 208. Advance tax
shall be payable during a financial year in every case where
the amount of such tax payable by the assessee during that
year, as computed in accordance with the provisions of this
Chapter, is ten thousand rupees or more.