Amended and updated notes on section 208 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Conditions of liability to pay advance tax.
Chapter XVII (Sections 190 to 234G) of the Income Tax Act 1961 deals with the provisions related to collection and recovery of tax. Section 208 of IT Act 1961 provides for Conditions of liability to pay advance tax.
Recently, we have discussed in detail section 207 (Liability for payment of advance tax) of IT Act 1961. Today, we learn the provisions of section 208 of Income-tax Act 1961. The amended provision of section 208 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 208 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-208: Conditions of liability to pay advance tax
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, is ten thousand rupees or more.