Section 76 - Substitution of new sections for sections 207 and 208 - Direct Tax Laws (Amendment) Act, 1987

76. Substitution of new sections for sections 207 and 208. For sections 207 and 208 of the Income-tax Act, the following sections shall be substituted with effect from the 1st day of April, 1988, namely :- 207. Liability for payment of advance fax. Tax shall be payable in advance during any financial year, in accordance with the provisions of sections 208 to 219 (both inclusive), in respect of the total income of the assessee which would be chargeable to tax for the assessment year immediately following that financial year, such income being hereafter in this Chapter refer- red to as current income . 208. Conditions of liability to pay advance tax. Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is one thousand five hundred rupees or more. .