Till last year individuals were exempted from advance tax payment if total tax payable is <=5,000 at end of the year. As per my knowledge this year onwards limit has been raised to 10,000. Please confirm. Which IT section covers Advance Tax?
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Individual taxpayer: advance tax exemption
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please find the detailed provision related to Advance Tax
Information provided in the PDF file is wrong. Advance Tax exemption limit is Rs. 10,000 now. See section 208.
yes , 5000 upto AY 09-10 , NOW IT IS 10000,
[Conditions of liability to pay advance tax.
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 79[ten thousand] rupees or more.]
79. Substituted for “five thousand” by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009. Earlier “five thousand” was substituted for “one thousand five hundred” by the Finance (No. 2) Act, 1996, w.e.f. 1-10-1996.
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