Under the existing provisions of section 208 the Income-tax Act, liability for payment of advance tax during a financial year arises when the amount of such taxes payable during that year are Rs.5,000/-or more.
However, It is proposed in the Union Budget 2009-10 to raise the threshold limit for payment of advance tax from the present Rs.5,000/- to Rs.10,000/-.
The recommended amendment will take impact from the 1st April, 2009. Hence, advance-tax for the financial year 2009-2010 would be payable only if the advance tax liability is Rs. 10,000/- or more.
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