65. Computation of advance tax.-

65. Computation of advance tax.- 

(1) ¹[The minimum amount of advance tax] payable by an assessee in a financial year shall be the amount equal to the tax payable on his total  income  of  the  latest  income  year  as  assessed  on  regular  basis  or provisionally, as the case may be, as reduced by the amount of tax required to be  deducted  or  collected  at  source  in  accordance  with  the  preceding provisions of this Chapter.

(2) The tax payable under sub-section (1) shall be calculated at the  rates in force in respect of the financial year referred to therein.

¹ Ins. by F.A. 2007

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