Income-tax Act,1961

Act No : 43

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Section : Liability for payment of advance tax.

1[207. Liability for payment of advance tax Tax shall be payable in advance during any financial year, in accordance with the provisions of sections 208 to 219 (both inclusive), in respect of the total income of the assessee which would be chargeable to tax for the assessment year immediately following that financial year, such income being hereafter in this Chapter referred to as "current income".] ----------------------------------------------------------------------- 1 Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. Prior to the substitution, section 207, sub-section (1) of which was substituted by the Finance Act, 1972, w.e.f. 1-4-1972, read as under: "207. Advance tax and income subject to advance tax.-(I) Tax shall be payable in advance in accordance with the provisions of sections 208 to 219 in the case of income other than- (a) income chargeable under the head "Capital gains"; and (b) income referred to in sub-clause (ix) of clause (24) of section 2. (2) Such income is hereinafter in this Chapter refer-red to as 'income subject to advance tax', and such tax is hereinafter in this Chapter referred to as "advance tax"." ---------------------------------------------------------------------- 1.648

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