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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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27 August 2015 ALSO CHECK OUT FILES FROM BELOW LINK:

http://www.incometaxindia.gov.in/tutorials/31.%20provisions%20on%20pymt%20of%20adv.%20tax.pdf

http://www.incometaxindia.gov.in/Tutorials/32-%20Exemption%20from%20pymt%20of%20adv.%20tax.pdf