India - Income Tax Act 2010 - Saarc

1.795 CH. XVII - COLLECTION AND RECOVERY - ADVANCE PAYMENT OF TAX S. 214such notice shall be payable on or before each of such of those dates as fall afterthe date of service of the notice of demand.]Estimate by assessee.212. [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.]Commission receipts.213. 27 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.]28Interest payable by Government.29214. (1) The Central Government shall pay simple interest at 30 [fifteen] percent per annum on the amount by which the aggregate sum of anyinstalments of advance tax paid during any financial year in which they arepayable under sections 207 to 213 exceeds the amount of the 31 [assessed tax]from the 1st day of April next following the said financial year to the date of theregular assessment for the assessment year immediately following the saidfinancial year, and where any such instalment is paid after the expiry of thefinancial year, during which it is payable by reason of the provisions of section213, interest as aforesaid shall also be payable on that instalment from the dateof its payment to the date of regular assessment :32[Provided that in respect of any amount refunded on a provisional assessmentunder section 141A, no interest shall be paid for any period after the date of suchprovisional assessment.]33[(1A) Where as a result of an order under section 147 or section 154 or section155 or section 250 or section 254 or section 260 or section 262 or section 263 orsection 264 34 [or an order of the Settlement Commission under sub-section (4) ofsection 245D], the amount on which interest was payable under sub-section (1)has been increased or reduced, as the case may be, the interest shall be increasedor reduced accordingly, and in a case where the interest is reduced, the35[Assessing] Officer shall serve on the assessee, a notice of demand in the27. Prior to omission, section 213 was amended by the Finance Act, 1965, w.e.f. 1-4-1965, theTaxation Laws (Amendment) Act, 1967, w.e.f. 1-10-1967, the Finance Act, 1969, w.e.f. 1-4-1969, the Finance Act, 1972, w.e.f. 1-4-1972 and the Taxation Laws (Amendment) Act, 1984,w.e.f. 1-10-1984.28. See rule 119A.29. See also Letter [F.No. 12/80/64-IT(B)], dated 1-3-1965, Letter [F.No. 400/59/75-ITCC],dated 10-10-1973, Letter [F.No. 12/12/68-IT(A-II)], dated 11-12-1968 and InstructionNo. 947, dated 23-4-1976. For details, see Taxmann’s Direct Taxes Circulars.30. Substituted for “twelve” by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984.Earlier “twelve” was substituted for “nine” by the Finance Act, 1972, w.e.f. 1-4-1972, “nine”was substituted for “six” by the Taxation Laws (Amendment) Act, 1967, w.e.f. 1-10-1967and “six” was substituted for “four” by the Finance Act, 1965, w.e.f. 1-4-1965.31. Substituted for “tax determined on regular assessment” by the Taxation Laws (Amendment)Act, 1984, w.e.f. 1-4-1985.32. Inserted by the Finance Act, 1968, w.e.f. 1-4-1968.33. Substituted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. Original subsection(1A) was inserted by the Finance Act, 1968, w.e.f. 1-4-1968.34. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.35. Substituted for “Income-tax”, ibid., w.e.f. 1-4-1988.