No advance tax liability if tax payable is less than Rs.10,000

There is some relief on the advance tax liability front also. Currently, the liability to pay advance tax arises when the amount of tax payable is Rs.5,000 or more. This limit was also fixed way back in 1996 and revision of the same was on the cards for quite some time. This budget has now revised this limit and from financial year 2009-10 onwards, advance tax liability would arise only if the tax payable is Rs.10,000 or more.