Question
Download Solution PDFWhen no liability for payment of tax in advance arise by an assesses on his income if tax payable is
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Less than 10,000
Key Points
- Advance tax:
- As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”
- However, a resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax
- Advance tax is to be paid in different instalments. The due dates for payment of different instalments of advance tax are as follows:
Last updated on Jun 11, 2025
-> The UGC NET Exam Schedule 2025 for June has been released on its official website.
-> Check UPSC Prelims Result 2025, UPSC IFS Result 2025, UPSC Prelims Cutoff 2025, UPSC Prelims Result 2025 Name Wise & Rollno. Wise
-> The UGC NET Application Correction Window 2025 is available from 14th May to 15th May 2025.
-> The UGC NET 2025 online application form submission closed on 12th May 2025.
-> The June 2025 Exam will be conducted from 21st June to 30th June 2025
-> The UGC-NET exam takes place for 85 subjects, to determine the eligibility for 'Junior Research Fellowship’ and ‘Assistant Professor’ posts, as well as for PhD. admissions.
-> The exam is conducted bi-annually - in June and December cycles.
-> The exam comprises two papers - Paper I and Paper II. Paper I consists of 50 questions and Paper II consists of 100 questions.
-> The candidates who are preparing for the exam can check the UGC NET Previous Year Papers and UGC NET Test Series to boost their preparations.