Estimate by assessee, ( 1 ) . . (3 ) Any person who has not previously been assessed by way of regular assessment under this Act or under the Indian Income Tax Act, 1922 (11 of 1922) shall, before the first day of March in each financial your, if his total income exclusive of capital gains of the period which would be the previous year for the immediately following assessment year is likely to exceed the maximum amount not chargeable to income tax in his case by two thousand five hundred rupees, send to the Income Tax Officer (i) an estimate of the total income exclusive of capital gains of the said previous year; (ii) an estimate of the advance tax payable by him calculated in the manner laid down in section 209: and shall pay such amount as accords with his estimate, on such of the dates specified in section 211 as have not expired, by instalments which may be revised according to sub section (2)".