Liability for payment of advance tax

Liability for payment of advance tax

Tax shall be payable in advance during any financial year in respect of the total income(TI) of the assessee which would be chargeable to tax for the A.Y. immediately following that financial year.

Advance tax is payable during a financial year in every case where the amount of such tax payable by the assessee (after reducing TDS/TCS)during the year is Rs. 10,000 or more.

However, an individual resident in India of the age of 60 years or more at any time during the previous year, who does not have any income chargeable under the head “Profits and gains of business or profession”(PGBP), is not liable to pay advance tax.

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