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Advance tax obligation requires assessees to prepay estimated tax in scheduled instalments and adjust payments as needed. Every assessee must pay advance income-tax when the computed advance liability exceeds the threshold; it is calculated by estimating total income, computing tax at current rates, and reducing that tax by amounts deductible or collectible at source and allowable credits. Non-corporates follow a three-instalment schedule and companies a four-instalment schedule, with late payments before year-end treated as advance tax. Assessing Officers may order prescribed computation and issue demand notices before the last day of February, and persons served may file prescribed estimations and pay accordingly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Advance tax obligation requires assessees to prepay estimated tax in scheduled instalments and adjust payments as needed.</h1> Every assessee must pay advance income-tax when the computed advance liability exceeds the threshold; it is calculated by estimating total income, computing tax at current rates, and reducing that tax by amounts deductible or collectible at source and allowable credits. Non-corporates follow a three-instalment schedule and companies a four-instalment schedule, with late payments before year-end treated as advance tax. Assessing Officers may order prescribed computation and issue demand notices before the last day of February, and persons served may file prescribed estimations and pay accordingly.
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