Applicability for payment of Advance Tax - Section 207

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..... e to tax for the assessment year immediately following that financial year. Such total income shall be referred to as Current income in this Chapter. We know that income earned during the financial year 2022-23 shall be charged to tax in the assessment year 2023-24. But the assessee is required to pay tax, in advance, on the taxable income of the financial year 2022-23 during the financi .....

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..... urposes, wherever as per provisions of the Income-tax Act, it is required to be so included. Advance tax in respect of an assessment year is payable in the financial year immediately preceding the assessment year. Therefore, for the assessment year 2023-24, advance tax is payable in the financial year ending on 31.3.2023. Advance tax shall be calculated by estimating the current year inco .....

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