TMI BlogLiability to pay advance taxX X X X Extracts X X X X X X X X Extracts X X X X ..... advance income-tax payable by an assessee in the financial year shall be computed in the following manner, namely:— (a) the assessee shall first estimate his total income and calculate income-tax thereon at the rates in force in the financial year; (b) the income-tax so calculated shall be reduced by - (i) the amount of income-tax which would be deductible or collectible ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th September. Not less than thirty per cent. of the advance income-tax. 2. On or before the 15th December. Not less than sixty per cent. of the advance income-tax, as reduced by the amount, if any, paid in the earlier instalment. 3. On or before the 15th March. The whole amount of the advance income-tax as reduced by the amount or amounts, if any, paid in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On or before the 15th December. Not less than seventy-five per cent. of the advance income-tax as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments. 4. On or before the 15th March. The whole amount of the advance income-tax as reduced by the amount or amounts, if any, paid in the earlier instal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) issue to such person a notice of demand under section 162 specifying the instalments in which such tax is to be paid. (9) The person who has been served with an order under sub-section (8)— (a) may file an estimation, in such form as may be prescribed, to the Assessing Officer, if in his estimation, the advance income-tax payable by him is lower than the amount specified in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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