How many instalments are required under the ordinary advance-tax schedule in section 408(1) of the Income-tax Act, 2025?
Question and options
How many instalments are required under the ordinary advance-tax schedule in section 408(1) of the Income-tax Act, 2025?
Three
Four
Twelve
Six
Answer and explanation
Correct answer: B - Four
Section 408(1) requires assessees to pay advance tax in four instalments, due by 15 June, 15 September, 15 December and 15 March. Only taxpayers declaring presumptive income under section 58(2), Table items 1 or 3, pay in a single instalment by 15 March under section 408(2).
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