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Advance Tax

1 reply, 2 voices Last updated by Purohit Wankhede 5 months, 1 week ago
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  • #8555

    mitali sahare
    Participant
    @saharemitali

    Who is liable to pay Advance tax under section 207 of the Income Tax Act?

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    #8606

    Purohit Wankhede
    Participant
    @Purohitwankhede

    As per Section 208 of the Income Tax Act, the following are liable to pay advance tax,
    Every person whether an individual, firm or a company whose estimated tax liability for the financial year (i.e., for the year in progress such as FY 2016-17, FY 2017-18, etc.) after Tax Deduction at Source is ≥ INR 10,000 shall pay its tax for the year in advance during the same year. The advance tax shall be paid in instalments by the taxpayer.
    Note:
    i. Individuals, having income only under the head salary are not required to pay advance tax because the liability to deduct and deposit tax is on the employer. (In the form of TDS)

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