Who among the following assesses is NOT liable to pay advance tax?
As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer. Person not liable to pay advance tax As discussed above, every person whose estimated tax liability for the year is Rs. 10,000 or more is liable to pay advance tax. However, a resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax.
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Ram started a business with the capital investing Rs 6000. After 3 months Shyam also joined him, with the capital investing Rs 4000. They make a profit ...
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Palash invest thrice the sum invested by Vicky and withdraws half of the sum after 2 months and again withdraws half of the remaining sum after 3 months...
A and B started a business by investing Rs.400 and Rs.540 respectively. After 9 months, A increased his investment by Rs.800. Find the ratio of annual p...
‘C’ and ‘D’ started a business by investing Rs. 5000 and Rs. 3000, respectively. After 6 months, ‘C’ withdrew Rs. 2000 from his initial inve...
A and B together starts a business with investment of Rs. 800 and Rs. (x + 600), respectively. If the profit earned after 5 years is Rs.3200 and share o...
If a sum of money is to be divided among A, B, C such that A’s share is equal to thrice B’s share and B’s share is 9 times C’s share then their ...