Advance Tax shall be payable by any person if his tax liability is Rs. ________ in a Financial year

In India, advance tax is payable by any individual or entity if their total tax liability for a financial year exceeds Rs. 10,000. This amount serves as the threshold for advance tax payments. The tax is typically paid in installments throughout the year, based on the estimated income and tax liability.

To elaborate, advance tax applies to all taxpayers, including individuals, companies, and firms, who are expected to have a significant tax liability. It is important for taxpayers to assess their income accurately and make advance payments to avoid interest penalties for late payment or underpayment of taxes.

In summary, any person whose tax liability exceeds Rs. 10,000 in a financial year is required to pay advance tax.