Income-tax Act,1961
Act No : 43
Section :
Instalments of advance tax and due dates.
2[211. Instalments of advance tax and due dates --------------------------------------------------------------------- 2 Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. Prior to the substitution, section 21 1, as amended by the Finance Act, 1969, w.e.f. 1-4-1969; Finance Act, 1972, w.e.f. 1-4-1972 and the Finance Act, 1978, w.e.f. 1-6-1978, read as under: "Instalments of advance tax.-(1) Subject to the provisions of this section and of sections 209A and 212, advance tax shall be payable in three equal instalments on the following dates during the financial year, namely:- (i) the 15th day of June, the 15th day of September and the 15th day of December, in the case of an assessee whose total income to the extent of 75 per cent -> -> ------------------------------------------------------------------------ 1.655 down in section 209 shall be payable by- (a) all the companies, who are liable to pay the same, in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in Table I below: ---------------------------------------------------------------------- -> -> thereof, or more is derived from a source or sources for which the previous year (relevant to the assessment year next following the financial year aforesaid) ends on or before the 31st day of December; (ii) the 15th day of September, the 15th day of December and the 15th day of March, in any other case: Provided that in respect of any class of assessees referred to in clause (i), the Board may, having regard to the nature of dealings in the business carried on by such assessees, the method of accounting followed by them and other relevant factors, authorise, by notification in the Official Gazette and subject to such conditions as may be specified therein, the payment of the last instalment of the advance tax on the 15th day of March during the financial year, instead of on the 15th day of December. Explanation.-In this sub-section, "total income" means- (a) in a case where the advance tax is paid by the assessee in accordance with the statement sent by him\ under sub- section (1) of section 209A or in accordance with an order of the Income-tax Officer under section 210, the total income with reference to which the advance tax payable has been calculated in such statement or order; (b) in a case where the advance tax is paid in accordance with an estimate (including a revised estimate) made by the assessee under section 209A or section 212, the total income with reference to which the advance tax is so estimated, as reduced, in either case, by the amount of capital gain and income referred to in subclause (ix) of clause (24) of section 2, if any, included therein. (2) If the notice of demand issued under section 156 in pursuance of the order under section 210 is served after any of the dates on which the instalments specified therein are payable the advance tax shall be payable in equal instalments on each of such of those dates as fall after the date of the service of the notice of demand, or in one sum on the 15th day of March, if the notice is served after the 15th day of December." 3 Substituted by the Finance Act, 1994,w.e.f. 1-4-1994. Prior to the substitution, sub-section (1) read as under: "(1) Advance tax on the current income,, calculated in the manner laid down in section 209 shall be payable by all the assessees who are liable to pay the same in three instalments during each financial year, the due date of, and amount payable in, each such instalment being as specified in the following Table: Table ---------------------------------------------------------------------- Due date of instalment Amount payable ---------------------------------------------------------------------- On or before the 15th September Not less than *[thirty] per cent of such advanced tax. On or before the 15th December Not less than [sixty] per cent of such advance tax, as reduced by the the amount or amounts, if any, paid in the earlier instalment. On or before the 15th March The whole amount of such advance tax as reduced earlier instalment or instalments; ----------------------------------------------------------------------- Provided that any amount paid by way of advance tax on or before the 31st day of March shall also be treated as advance tax paid during the financial year ending on that day for all the purposes of this Act." * Substituted for "twenty" by the Finance Act, 1992, w.e.f.1-4- 1992.
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