When no liability for payment of tax in advance arise by an assesses on his income if tax payable is 

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UGC NET Paper 2: Commerce 13th June 2023 Shift 2
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  1. Less than 10,000 
  2. Less than 50,000 
  3. Less than 5,00.000 
  4. Less than 7,50,000

Answer (Detailed Solution Below)

Option 1 : Less than 10,000 
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UGC NET Paper 1: Held on 21st August 2024 Shift 1
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Detailed Solution

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The 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:
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