Tag: advance tax

Income Tax Department on Monday said that collection through advance tax after two instalments surged by 20 per cent during current financial year 2023-24. Overall net collection recorded a growth of over 23.5 per cent. As per section 208 of the Income Tax Act 1961, every person whose estimated tax liability for the year is more than or equal to Rs 10,000 is liable to pay advance tax. Those who are excluded from paying advance tax are senior citizens who are above the age of 60, not having...