Budget 2024: Call for Amendments to Advance Tax Provisions for Individuals

The Income-tax Act mandates advance tax payments if liability exceeds Rs. 10,000. However, gig workers and freelancers face challenges due to unpredictable income and stringent interest penalties under Section 234C. The Bombay Chartered Accountants’ Society calls for amendments, including raising the threshold limit and deferring advance tax liability for early quarters. This would alleviate the burden of estimating income early, especially for new entrepreneurs and freelancers, supporting better cash flow management.