India - Income Tax Act 2010 - Saarc

S. 215 I.T. ACT, 1961 1.796prescribed form specifying the amount of the excess interest payable andrequiring him to pay such amount ; and such notice of demand shall be deemedto be a notice under section 156 and the provisions of this Act shall applyaccordingly.](2) On any portion of such amount which is refunded under this Chapter, interestshall be payable only up to the date on which the refund was made.36[(3) This section and sections 215, 216 and 217 shall not apply in respect of anyassessment for the assessment year commencing on the 1st day of April, 1989,or any subsequent assessment year and, in the application of the said sections tothe assessment for any earlier assessment year, references therein [except insub-section (1A) and sub-section (3) of section 215] to the other provisions of thisAct shall be construed as references to those provisions as for the time being inforce and applicable to the relevant assessment year.]37[Explanation 1.—In this section, “assessed tax” shall have the same meaning asin sub-section (5) of section 215.Explanation 2.—Where, in relation to an assessment year, an assessment is madefor the first time under section 147, the assessment so made shall be regarded asa regular assessment for the purposes of this section.]Interest payable by assessee.38215. 39 [ 40 (1) Where, in any financial year, an assessee has paid 41 [advance taxunder 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-fiveper cent of the assessed tax, simple interest at the rate of 42 [fifteen] per cent perannum from the 1st day of April next following the said financial year up to thedate of the regular assessment shall be payable by the assessee upon the amountby which the advance tax so paid falls short of the assessed tax :]43[Provided that in the case of an assessee, being a company, the provisions of thissub-section shall have effect as if for the words “seventy-five per cent”, the words“eighty-three and one-third per cent” had been substituted.]44[(2) Where before the date of completion of a regular assessment, tax is paid bythe assessee under section 140A or otherwise,—36. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.37. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985.38. See also Letter [F.No. 400/40/73-ITCC], dated 19-10-1973 and Circular No. 492, dated21-7-1987. For details, see Taxmann’s Direct Taxes Circulars.39. Substituted by the Finance Act, 1969, w.e.f. 1-4-1970.40. See rules 40 and 119A.41. Substituted for “advance tax under section 212 on the basis of his own estimate” by theFinance Act, 1978, w.e.f. 1-6-1978.42. 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. 1-4-1972.43. Inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-9-1980.44. Substituted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971. Initially, subsection(2) was substituted by the Finance Act, 1963, w.e.f. 1-4-1963 which was later onamended by the Finance Act, 1969, w.e.f. 1-4-1970.