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of <h1>New Provision in Finance Act 1969: Advance Tax Liability Conditions Under Section 208 of Income-tax Act Explained</h1> Section 208 of the Income-tax Act has been replaced by a new provision under the Finance Act, 1969, detailing the conditions for advance tax liability. Advance tax is payable during the financial year if the assessee's total income, excluding capital gains, exceeds specified amounts. For companies or local authorities, the threshold is Rs. 2,500; for registered firms, Rs. 30,000; and for individuals, Rs. 5,000 if non-resident or Rs. 10,000 otherwise. These conditions are outlined to determine the obligation to pay advance tax based on the assessee's income and residency status.
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