[Section 207]: Liability for Payment of Advance Tax
1. Who is Liable? Every taxpayer(individuals, HUFs, companies, firms, etc.) whose estimated tax liability for the financial year (FY) exceeds ₹10,000 after deducting TDS/TCS. Applies to: Salaried employees with additional income (rent, interest, capital gains, etc.). Self-employed professionals & businesses. Companies & firms. 2. Who is Exempt? Senior Citizens (60+ years)who are resident individuals and have no income from business/profession. Taxpayers opting […]
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