GST Plus - Get Daily updates,support, whatsapp Group & reply to GST Notices etc.!! Call : 011-411-70713 !!

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Enhancement of the limit for payment of advance tax

Under the existing provisions of section 208 the Income-tax Act, liability for payment of advance tax during a financial year arises when the amount of such tax payable during that year is Rs.5,000/-or more. This limit was fixed in 1996.

With a view to providing for inflation adjustment, it is proposed to raise the threshold limit for payment of advance tax from the present Rs.5,000/- to Rs.10,000/-.

The proposed amendment will take effect from the 1st April, 2009. Accordingly, advance-tax for the financial year 2009-2010 would be payable only if the advance tax liability is Rs. 10,000/- or more.



Comments


img

Trending Tags