(l) Subject to the provisions of sub-section (3) and without prejudice to the provisions of section 154, the minimum advance tax payable by a taxpayer in any current financial year shall be an amount equal to A-B, in which case

            A = Tax payable on the total income of the assessee in the last income year calculated 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 four (4) equal installments as follows, namely: -

(3) If the date mentioned in sub-section (2) falls on a public holiday, the relevant installment shall be paid on the next working day thereof.

(4) In this case, if a taxpayer fails to pay any installment or part thereof, without prejudice to any liability of the taxpayer under this Act, the unpaid installment or part thereof shall be compounded with the next installment and payable.

(5) Where a taxpayer estimates that the installment of advance tax is likely to be less than the tax calculated under sub-sections (1) and (2), he shall file an estimate with the Deputy Commissioner of Taxes and pay the installments in accordance with the estimate with necessary adjustments to any installments previously paid.