India - Income Tax Act 2010 - Saarc

S. 217 I.T. ACT, 1961 1.79855Interest payable by assessee in case of under-estimate, etc.56216. Where, on making the regular assessment, the 57 [Assessing] Officer findsthat any assessee has—58[(a) under 59 [section 209A or section 212] under-estimated the advancetax payable by him and thereby reduced the amount payable in eitherof the first two instalments ; or](b) under section 213 wrongly deferred the payment of advance tax ona part of his income ;he may direct that the assessee shall pay simple interest at 60 [fifteen] per cent perannum—(i) in the case referred to in clause (a), for the period during which thepayment was deficient, on the difference between the amount paid ineach such instalment and the amount which should have been paid,having regard to the aggregate advance tax actually paid during theyear ; and(ii) in the case referred to in clause (b), for the period during which thepayment of advance tax was so deferred.Explanation.—For the purposes of this section, any instalment due before theexpiry of six months from the commencement of the previous year in respect ofwhich it is to be paid shall be deemed to have become due fifteen days after theexpiry of the said six months.Interest payable by assessee when no estimate made.61217. 62 [(1) Where, on making the regular assessment, 63 [the 64 [Assessing] Officerfinds—(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 clauseor the estimate in lieu of such statement referred to in sub-section (2)of that section ; or55. See rule 119A.56. See also Letter [F.No. 400/58/78-ITCC], dated 29-2-1980. For details, see Taxmann’s DirectTaxes Circulars.57. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.58. Substituted by the Finance Act, 1969, w.e.f. 1-4-1970.59. Substituted for “sub-section (1) or sub-section (2) or sub-section (3) or sub-section (3A) ofsection 212” by the Finance Act, 1978, w.e.f. 1-6-1978.60. 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. 1-4-1965.61. See rules 40 and 119A.62. Substituted by the Finance Act, 1969, w.e.f. 1-4-1970.63. Substituted for “the Income-tax Officer finds that any such person as is referred to in subsection(3) of section 212 has not sent the estimate referred to therein” by the Finance Act,1978, w.e.f. 1-6-1978.64. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.