Income Tax Act 2023
Section 155 - Amount of Advance Tax and Time of Payment thereof
(as updated till Finance Act 2024)
(1) Subject to the provisions of sub-section (3) and without prejudice to the provisions of section 154, the minimum advance tax payable by an assessee in any current financial year shall be equal to A-B, where—
A = tax payable on the total income of the assessee in the last income year computed at the rate applicable in that financial year;
B = amount of tax deducted or collected at source under this Part or advance tax paid under Part 7.
(2) The minimum tax payable as advance tax shall be payable in 4 (four) equal instalments as follows, namely:—
| Date of Financial Year | Amount to be paid |
| (1) | (2) |
| 15 September | 25% (twenty five percent) |
| 15 December | 25% (twenty five percent) |
| 15 March | 25% (twenty five percent) |
| 15 June | 25% (twenty five percent). |
(3) If the date mentioned in sub-section (2) falls on a public holiday, the instalment concerned shall be paid on the next working day following such holiday.
(4) In this case, if an assessee fails to pay any instalment or part thereof, without prejudice to any liability of the assessee under this Act, the unpaid instalment or part thereof shall be compounded with the next instalment and payable.
(5) Where an assessee estimates that the instalment of advance tax is likely to be less than the tax computed under sub-sections (1) and (2), he shall submit an estimate to the Deputy Commissioner of Taxes and pay such instalments subject to any necessary adjustments to any instalments already paid according to the estimate.
Disclaimer: This is the authentic English text of the Income Tax Act 2023, as published under SRO No. 404-Law/2025 dated 08 October 2025. In the event of any inconsistency or conflict between the content on this website and the official Government publications or gazette notifications relating to laws, rules, regulations or SROs, the official Government publications and notifications shall prevail.