Credit for advance tax Any sum, other than a penalty or interest, paid by or recovered from an assessee as advance tax in pursuance of this Chapter shall be treated as a payment of tax in respect of the income of the period which would be the previous year for an assessment for the assessment […]

When assessee deemed to be in default If any assessee does not pay on the date specified in sub-section (1) of section 211, any instalment of the advance tax that he is required to pay by an order of the Assessing Officer under sub-section (3) or sub-section (4) of section 210 and does not, on or before the

Interest payable by assessee when no estimate made (1) Where, on making the regular assessment, the Assessing Officer finds— (a) that any such person as is referred to in clause (a) of sub-section (1) of section 209A has not sent the statement referred to in that clause or the estimate in lieu of such statement referred to

Interest payable by assessee in case of under-estimate, etc Where, on making the regular assessment, the Assessing Officer finds that any assessee has— (a) under section 209A or section 212 under-estimated the advance tax payable by him and thereby reduced the amount payable in either of the first two instalments; or (b) under section 213 wrongly deferred the payment of advance

Interest payable by assessee (1) Where, in any financial year, an assessee has paid advance tax under section 209A or section 212 on the basis of his own estimate (including revised estimate), and the advance tax so paid is less than seventy-five per cent of the assessed tax, simple interest at the rate of fifteen per cent per annum

Interest payable by Government (1) The Central Government shall pay simple interest at fifteen per cent per annum on the amount by which the aggregate sum of any instalments of advance tax paid during any financial year in which they are payable under sections 207 to 213 exceeds the amount of the assessed tax from the 1st day of

Commission receipts [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.] Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance |

Estimate by assessee [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.] Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance

Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer (1) Every person who is liable to pay advance tax under section 208 (whether or not he has been previously assessed by way of regular assessment) shall, of his own accord, pay, on or before each of the

Instalments of advance tax and due dates (1) Advance tax on the current income calculated in the manner laid down in section 209 shall be payable by— (a) all the assessees, other than the assessee referred to in clause (b), who are liable to pay the same, in four instalments during each financial year and the due