An assessee declares presumptive profits under section 58(2), Table item 1 or 3, of the Income-tax Act, 2025. How does section 408(2) require payment of advance tax?
Question and options
An assessee declares presumptive profits under section 58(2), Table item 1 or 3, of the Income-tax Act, 2025. How does section 408(2) require payment of advance tax?
In one instalment by 15 March
In monthly instalments
In four instalments, starting in June
In three instalments, starting in September
Answer and explanation
Section 408(2) requires an assessee who declares presumptive profits under section 58(2), Table items 1 or 3, to pay the whole advance tax on current income on or before 15 March of the financial year. The four-instalment schedule beginning in June applies to other assessees under section 408(1).
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