Question

Write short notes on advanced Payment of Tax.

Answer 1

Short Note on Concept of Advance Tax

1. Liability for payment of Advance Tax:

Sec 207 (1): Tax shall be payable in Advance during the F Y in accordance with the provision of sec 208-219 in respect of the total income of the assessee which would be chargeable to tax.

Sec 207 (2): w.e.f 01.04.2012 the above subsection is not applicable to an individual resident in India who:

a. Does not have any income chargeable under the head “Profits and gains of business or profession” and

b. Is of the age of sixty years or more at any time during the previous year.

2. When the advance tax liability arise:

Advance tax liability arises when the projected total income of an assessee exceeds the emption limit and tax liability exceeds Rs.10, 000.

Answer 2

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