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?
Menu
Individual taxpayer: advance tax exemption
Replies (4)
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.
Recent Topic
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
- Return filing for intervening period upto date of
Related Topics
CAclubindia
