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of <h1>Paying and Revising Advance Tax Estimates When Current Income Differs; 33?% Rule (20% for Companies)</h1> If an assessee required to pay advance tax believes current income will be lower than the basis of the tax demand, they may send a prescribed, verified estimate of current income and advance tax and pay instalments accordingly; estimates may be revised and adjustments made in subsequent instalments. Conversely, if estimated current income makes tax payable exceed the demand by more than 33?% (20% for companies), the assessee must submit an estimate and pay the additional advance tax. The Commissioner may extend the filing date in specified business cases, and estimates must follow prescribed form and manner.
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