403.(1) Advance tax shall be payable during any Financialyear in respect of
the current income of the assessee, as per the provisions of this Part.
(2)For the purposes of this Part, “current income”of a tax yearmeans the total
income of the assessee which would be chargeable to tax for suchtax year.
(3)The provisions of sub-section (1) shall not apply to an individual resident
in India, who–
(a)does not have any income chargeable under the head “Profits and
gains of business or profession”; and
(b)is of the age of sixty years or more at any time during the tax year. |