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ADVANCE TAX- APPLICABILITY FOR PAYMENT OF ADVANCE TAX Section 207

Income Tax - Payment of Taxes and Interest - 01 - 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 [i] in this Chapter. We know that income earned during the financ .....

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or more at any time during the previous year (with effect from assessment year 2013-14 [in other words, in such a case advance tax will not be paid during the financial year 2012-13). [i] 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 .....

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