Section 407 — Payment of advance tax by assessee in pursuance of order of Assessing Officer
Old Act equivalent: Section 210(3)-(6) of IT Act 1961 Sub-part: C—Advance payment of tax
Statutory Text
- (1) Where a person has already been assessed for the total income of any tax year by way of regular assessment and the Assessing Officer is of the opinion that such person is liable to pay advance tax, he may require such person to pay advance tax on the specified sum, calculated in the manner laid down in section 405, by an order in writing, specifying the instalment or instalments in which such tax is to be paid, on or before the due date of each instalment specified in section
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Assessees who have not paid advance tax or paid insufficient advance tax.
- Conditions: AO may estimate income and issue demand for advance tax; assessee may file revised estimate.
- Time limits: Notice may be served at any time during financial year.
- Monetary limits: As estimated by AO.
- Exceptions: Assessee may file revised estimate reducing liability.
Cross-References
Amendment Notes
None noted from the extracted pages.