Advance tax default occurs when a taxpayer fails to pay required instalments or to submit the mandated intimation. An assessee is deemed to be in default if he fails to pay any instalment of advance tax required by an order of the Assessing Officer and either does not ... Summary
Advance tax default occurs when a taxpayer fails to pay required instalments or to submit the mandated intimation.
An assessee is deemed to be in default if he fails to pay any instalment of advance tax required by an order of the Assessing Officer and either does not send the required intimation to the Assessing Officer or does not pay the advance tax based on his estimate of current income.
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