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[Cites 0, Cited by 0] [Section 408] [Entire Act]

Union of India - Subsection

Section 408(1) in The Income Tax Act, 2025

(1)All the assessees who are liable to pay advance tax, other than the assessee referred to in sub-section (2), shall pay the same on the current income calculated in the manner laid down in section 405 in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in the Table below.Table
Sl. No.Due date of instalmentAmount payable
ABC
1.On or before the 15th June.Not less than 15% of such advance tax.
2.On or before the 15th September.Not less than 45% of such advance tax, as reduced by the amount, if any, paid in the earlier instalment.
3.On or before the 15th December.Not less than 75% of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments.
4.On or before the 15th March.The whole amount of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments.