Advance Tax paid in pursuance of revised order of Assessing Officer - Income Tax - Ready Reckoner - Income Tax

Advance Tax paid in pursuance of revised order of Assessing Officer The order passed by AO u/s 210(3) can be revised by him u/s 210(4) . Such revision is possible if subsequent to passing an order u/s 210(3) but before March 1, of the relevant FY, the assessee had furnished a return of income for a later year or any assessment for a later year has been completed at a higher figure. On receipt of revised order, the assessee will have to pay advance tax accordingly. The assessee can, however, submit his own estimate of lower current income/advance tax and pay tax accordingly. In such a case he has to send an intimation in Form no. 28A to the Assessing Officer. If, alternatively, the advance tax on current income as per own estimate is likely to be higher than the amount re-estimated by the Assessing Officer, the assessee shall pay higher tax in accordance with his own calculation. In such a case intimation to the Assessing Officer is not required. COMPUTATION OF TAX:- The total income declared in the return furnished by the assessee for the later previous year or total income in respect of which the regular assessment is made after passing an order by the Assessing Officer but before March 1, shall be taken and income-tax thereon shall be calculated at the rates in force in the financial year. From the tax so determined, tax deducted at source will be deducted.