Hello Everyone
Please can you resolve my query
My Query is
Is a person covered u/s 44AD of Income Tax Act, liabile to pay Advance Tax, Please if possible support your reply by relevant case laws & sections if any.
Thanks in advance.
1 Replies
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 19 April 2011
Ms.Priyanka
Yes. Section 208 of IT Act, 1961 says that 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, a computed in accordance with the provisions of chapter VII-C is ten thousand rupees or more.
Best Wishes
Sathikonda
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