Condition of liability to pay advance tax
Condition of liability to pay advance tax.
208. (1) Advance tax shall be payable during the financial year—
(a) where the total income, exclusive of capital gains 3[and income referred to in sub-clause (ix) of clause (24) of section 2,] of the assessee, referred to in sub-clause (i) of clause (a) of section 209, exceeds the amount specified in sub-section (2), or
(b) where it is payable by virtue of the provisions of 4[section 209A].
(2) The amount referred to in clause (a) of sub-section (1) shall be—
(a) in the case of a company or a local authority | ... Rs. 2,500 ; |
(b) in the case of a registered firm | 5[... Rs. 20,000 ;] |
6[(c) in any other case | ... Rs. 12,000] |
3. Inserted, by the Finance Act, 1972, w.e.f. 1-4-1972.
4. Substituted for "sub-section (3) of section 212" by the Finance Act, 1978, w.e.f. 1-6-1978.
5. Substituted for "Rs. 30,000" by the Finance Act, 1979, w.e.f. 1-4-1979.
6. Substituted for "(c) in any other case ... Rs 10,000" by the Finance (No. 2) Act, 1980 we.f. 1-9-1980. Earlier it was substituted by the Finance (No. 2) Act, 1977, w.e.f, 1-9-1977.
[As amended by the Finance Act, 1980 and the Finance (No. 2) Act, 1980]