Tax liability less than 10000
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 August 2015
Dear expert
plz let me know if the tax liability is below 10000. which assesses not need to pay advance tax
plz reply
plz let me know if the tax liability is below 10000. which assesses not need to pay advance tax
plz reply
27 August 2015
As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”.
However, following persons are not liable to pay advance tax even if their tax liability is Rs. 10,000 or more:
Person not liable to pay advance tax
A taxpayer opting for the presumptive taxation scheme of section 44AD will not be liable to pay advance tax in respect of business for which the presumptive taxation scheme of section 44AD is adopted.
A resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax.
However, following persons are not liable to pay advance tax even if their tax liability is Rs. 10,000 or more:
Person not liable to pay advance tax
A taxpayer opting for the presumptive taxation scheme of section 44AD will not be liable to pay advance tax in respect of business for which the presumptive taxation scheme of section 44AD is adopted.
A resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax.
27 August 2015
ALSO CHECK OUT FILES FROM BELOW LINK:
https://www.incometaxindia.gov.in/tutorials/31.%20provisions%20on%20pymt%20of%20adv.%20tax.pdf
https://www.incometaxindia.gov.in/Tutorials/32-%20Exemption%20from%20pymt%20of%20adv.%20tax.pdf
https://www.incometaxindia.gov.in/tutorials/31.%20provisions%20on%20pymt%20of%20adv.%20tax.pdf
https://www.incometaxindia.gov.in/Tutorials/32-%20Exemption%20from%20pymt%20of%20adv.%20tax.pdf
CMA MALHAR BEHERA
(Expert)
27 August 2015
Advance tax is applicable when an individual has sources of income more than Rs. 10000 other than his salary.
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