Income Tax Act, 1961
Section 207. LIABILITY FOR PAYMENT OF ADVANCE TAX.
Tax shall be payable in advance during any financial year, in accordance with the provisions of sections 208 to 219 (both inclusive), in respect of the total income of the assessee which would be chargeable to tax for the assessment year immediately following that financial year, such income being hereafter in this Chapter referred to as “current income”.
TUTICORIN VEGETABLE MARKETING CO. (P) LTD. v. INCOME-TAX OFFICER & ANR.