Sec. 7-3.6. Application of installments based on preceding year's tax

Tax Law, § 213-b(d)

Any amount paid pursuant to section 7-3.3 of this Subpart must first be applied as payment of the first installment against the estimated tax for the current taxable year shown on the declaration required to be filed pursuant to section 7-2.1 of this Part, and any amount remaining must be considered as a payment on account of the tax shown on the report required to be filed by the taxpayer for the current taxable year. If no declaration of estimated tax is required to be filed by the taxpayer pursuant to section 7-2.1 of this Part, any amount paid pursuant to section 7-3.3 of this Subpart will be considered as a payment on account of the tax shown on the report required to be filed by the taxpayer for the current taxable year.