Substitution of new section for section 208

Section 12 of the Finance Act, 1969 deals with substitution of new section for section 208. Substitution of new section for section 208 12. The Act was enacted on 13 May 1969.

Substitution of new section for section 208

12. For section 208 of the Income-tax Act, the following section shall be substituted, namely:—

Condition of liability to pay advance tax

"208. (1) Advance tax shall be payable during the financial year—

(a) where the total income, exclusive of capital gains, of the assessee, referred to in sub-clause (i) of clause (a) of section 209, exceeds the amount specified in sub-section (2), or

(b) where it is payable by virtue of the provisions of subsection (3) of section 212,

(2) The amount referred to in clause (a) of sub-section (1)

shall be—

(a) in the case of a company or a local authority . Rs. 2,500;

(b) in the case of a registered firm . . Rs. 30,000;

(c) in the case of a person other then a company, a local authority or a registered firm,—

(i) where such person was not resident in India during the previous year referred to in sub-clause (i) of clause (a) of section 209 or such person being a person referred to in sub-section (3) of section 212 is not likely to be resident in India during the previous year relevant to the assessment year next following the financial year in which the advance tax is payable . . . . . . Rs. 5,000;

(ii) in any other case . . . . . . Rs. 10,000.".

[Finance Act, 1969]

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Section 12, The Finance Act, 1969 (Act 14 of 1969).