Advance tax liability clarified: pay tax on current income during the tax year, with a narrow senior citizen exemption.
Clause 403 requires payment of advance tax during the tax year on an assessee's current income, defined as the total income chargeable to tax for that tax year, and exempts resident individuals aged sixty or above who have no income under "Profits and gains of business or profession." The provision replaces earlier temporal terms with "tax year" and references mechanisms within "this Part," indicating structural reorganization and necessitating clear definitions and transitional guidance.