53.   Advance payment of tax,-

(1)   An assessee-

(a)    other than a company or a registered firm, whose total income (excluding income to which section 27, section 80B, section 80C, section 80CC or sub-sections (1) and (2) of section 50 applies) for the latest assessment year in respect of which the tax payable by him has been determined under sections 59, 59A, 60, 62, 63, or 65, is not less than one hundred and fifty thousand rupees shall be liable to pay by way of advance tax to the credit of the Federal Government, on or before the seventh day of October, the seventh day of January, the seventh day of April and the twenty first day of June in each financial year, an amount equal to one-fourth of the full amount of income tax and super-tax so determined to be payable in respect of that assessment year (without making any adjustment for any tax already paid by way of advance tax or otherwise), as reduced by the tax, if any, already collected or deducted and paid under section 50 in the said financial year; and

(b)    being a company or a registered firm shall, in respect of its income (excluding income to which section 27, section 80C or section 80CC, applies) be liable to pay by way of advance tax an amount which bears the same proportion to the company's or a registered firm's turnover for that year as the tax assessed, bears to the turnover assessed, for the latest assessment year in respect of which the tax payable by the company or registered firm has been determined under sections 59, 59A, 60, 62, 63 or 65, as reduced by the tax already paid under section 50 other than the tax attributable to income covered by sections 80C and 80CC in the said financial year.

(2)    The tax payable,-

(ii)    under clause (b) of sub-section (1) (i.e. by companies and registered firms) shall be paid to the credit of the Federal Government in each financial year, according to the following schedule:

(3)   In the case of non-resident assessee, dividend income shall be excluded from the total income for the purposes of sub-section (1).

(4)   If any assessee who is required to make payment of advance tax under clause (a) of sub-section (1) estimates at any time before the last instalment is due, that the tax payable by him for the relevant assessment year is likely to be less than the amount he is required to pay under clause (a) of sub-section (1), the assessee may furnish to the Deputy Commissioner an estimate of the amount of the tax payable by him, and thereafter pay such estimated amount, as reduced by the amount, if any, already paid under clause (a) of sub-section (1), in equal installments on such dates as have not expired.

(5)   Any sum paid under sub-section (1) shall be treated as an advance payment of tax in respect of the assessment year commencing on the first day of July next following the financial year in which it is paid or, in the case of an assessee to whom section 72 or section 81 applies, the assessment year in which the 'said date', as referred to therein falls whichever is the later, and credit therefore shall be allowed to the assessee in computing the tax payable by him for the said assessment year.