advance tax

Mr. Gaurav,

     Advance tax liability will fall only when tax liability exceeds Rs.10, 000/- not based on Net profit or other criteria.  However, waiting CCI tes reply

  Advance tax liability will fall only when tax liability exceeds Rs.10, 000/- not based on Net profit or other criteria.

agreed

As per Sec 208 it is obligatory to pay advance tax when tax liability exceed Rs.10000.There is no such criteria regarding net profit to pay advance tax.

According to sec.208 its obligatory to pay advance tax in every cases where the advance tax payable is rs.10000/- or more. an assessee who has opted for the scheme of computing business income under sec.44AD on persumptive basis at the rate of 8% of turnover.