406. (1) Every person, who is liable to pay advance tax under
section 404 (whether or not he has been previously assessed by way of
regular assessment) shall, on his own accord, pay advance tax on the
specified sum, calculated in the manner laid down in section 405, at the
appropriate percentage, on or before the due date of each instalment, as specified
in section 408.
(2)A person who pays any instalment or instalments of advance tax under
sub-section (1), may increase or reduce the amount of advance taxtax payable in
the remaining instalment or instalments to accord with specified sum and the
advance tax payable thereon, and make payment of the said tax in the remaining
instalment or instalments accordingly.
(3)For the purposes of this section, the expression “specified sum” means
current income as estimated by the assessee. |