Amendment of section 208.
70. In section 208 of the Income-tax Act, for the words "five thousand rupees", the words "ten thousand rupees" shall be substituted.
Notes on Clauses:
Clause 70 of the Bill seeks to amend section 208 of the Incometax Act relating to conditions of liability to pay advance tax.
Section 208 specifies that advance tax shall be payable in every case where the amount of such tax payable by the assessee during a financial year is five thousand rupees or more.
It is proposed to enhance the said limit from five thousand rupees to ten thousand rupees.
This amendment will take effect retrospectively from 1st April, 2009.
