Who is liable to pay Advance Income Tax?
As per Section 208 of the Income Tax Act 1961, every person whose estimated tax liability for the financial year is equal to or more than Rs. 10,000 is liable to pay Advance Tax.
Advance Tax exemptions:
- Senior citizens above the age of 60 who do not earn any income from a business or profession.
- Salaried individuals who don't earn any income other than salary.
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