Payment of advance tax by the assessee of his own account
An assessee who is liable to pay advance tax will be required to estimate his current income and pay advance tax thereon without having to submit any estimate or statement of income to the assessing authorities.
After making payment of first /second installment of advance tax the assessee can revise the remaining installments of advance tax in accordance with his revised estimate of current income and pay tax accordingly without any requirement of filing the revised estimate of advance tax.
Computation of tax: Tax can be computed on the current income (estimated by the tax payer) at the rates in force during the financial year. From the tax so computed, tax deductible or collectible at source will be deducted. Calculation can be made on similar lines in the case of upward/ downward revision of current income.
