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Asked by Pankaj on :Jun. 14, 2018

When does the liability for paying advance tax ar…

When does the liability for paying advance tax arise? And do everyone have to pay this tax?

When does the liability for paying advance tax arise? And do everyone have to pay this tax?

0

Jeeba Jun. 14, 2018

No, there is no compulsion for paying advance tax to everyone.

Section 208 of the Income Tax Act states that liability to pay advance tax arise when advance tax payable is 10000 or more. However, this shall not be applicable to the following persons

A resident person who is at the age of 60 or more during the previous year.

A person who does not have any income chargeable under profits and gain of business or profession

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