RULG_176 - Taxpublishers.in

SUBSCRIBE FOR FULL CONTENT


The Tax Publishers Rules 38 and 39 Advance Tax 1. Payment of advance tax As per section 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 i.e. Chapter XVII-C, is ten thousand rupees or more. 2. No advance tax to be paid by resident individual of age of sixty years or more not having any income chargeable under the head 'Profits and gains of business or profession' The Finance Act, 2012 has amended section 207 w.e.f. assessment year 2012-13 so as to provide that the advance tax provisions shall not apply to an individual resident in India who does not have any income chargeable under the head 'Profits and gains of business or profession' and is of the age of sixty years or more at any time during the previous year. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Advance Tax

1. Payment of advance tax

As per section 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 i.e. Chapter XVII-C, is ten thousand rupees or more.

2. No advance tax to be paid by resident individual of age of sixty years or more not having any income chargeable under the head 'Profits and gains of business or profession'

The Finance Act, 2012 has amended section 207 w.e.f. assessment year 2012-13 so as to provide that the advance tax provisions shall not apply to an individual resident in India who does not have any income chargeable under the head 'Profits and gains of business or profession' and is of the age of sixty years or more at any time during the previous year.