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ADVANCE TAX- APPLICABILITY FOR PAYMENT OF ADVANCE TAX Section 207

Income Tax - Payment of Taxes and Interest - 02 - APPLICABILITY FOR PAYMENT OF ADVANCE TAX [Section 207] As per the various provisions of advance Tax (sections 208 to 219), tax shall be payable in advance during the financial year 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 total income shall be referred to as Current income in this Chapter. We know that income earned during the financial .....

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more at any time during the previous year MEANING OF CURRENT INCOME AS MENTIONED IN ADVANCE TAX Current Income will include all items of income. It includes capital gains (both long term and short term), winnings from lotteries, crossword puzzles, etc. For computation of advance tax on the current non-agricultural income, even agricultural income will be included for rate purposes, wherever as per provisions of the Income-tax Act, it is required to be so included. Advance tax in respect of an as .....

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