India - Income Tax Act 2010 - Saarc

1.799 CH. XVII - COLLECTION AND RECOVERY - ADVANCE PAYMENT OF TAX S. 219(b) that any such person as is referred to in clause (b) of sub-section (1)of section 209A has not sent the estimate referred to in that clause,]simple interest at the rate of 65 [fifteen] per cent per annum from the 1st day ofApril next following the financial year in which the advance tax was payable inaccordance with the said 66 [sub-section (1) or sub-section (2)] up to the date of theregular assessment shall be payable by the assessee upon the amount equal tothe assessed tax as defined in sub-section (5) of section 215.]67[(1A) Where, on making the regular assessment, the 68 [Assessing] Officer findsthat 69 [any person who is required to send an estimate under sub-section (4) ofsection 209A or] any such person as is referred to in sub-section (3A) of section212 has not sent the estimate referred to therein, simple interest at the rateof 70 [fifteen] per cent per annum from the 1st day of April next following thefinancial year in which the advance tax was payable in accordance with the said71[sub-section (4) or, as the case may be, sub-section (3A)] up to the date of theregular assessment shall be payable by the assessee upon the amount by whichthe advance tax paid by him falls short of the assessed tax as defined in subsection(5) of section 215.](2) The provisions of sub-sections (2), (3) and (4) of section 215 shall apply tointerest payable under this section as they apply to interest payable under thatsection.When assessee deemed to be in default.218. 72 [If any assessee does not pay on the date specified in sub-section (1) ofsection 211, any instalment of the advance tax that he is required to pay byan order of the Assessing Officer under sub-section (3) or sub-section (4) ofsection 210 and does not, on or before the date on which any such instalment asis not paid becomes due, send to the Assessing Officer an intimation under subsection(5) of section 210 or does not pay on the basis of his estimate of his currentincome the advance tax payable by him under sub-section (6) of section 210, heshall be deemed to be an assessee in default in respect of such instalment orinstalments.]Credit for advance tax.219. Any sum, other than a penalty or interest, paid by or recovered from anassessee as advance tax in pursuance of this Chapter shall be treated as a65. 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. 1-4-1972.66. Substituted for “sub-section” by the Finance Act, 1978, w.e.f. 1-6-1978.67. Inserted by the Finance Act, 1969, w.e.f. 1-4-1970.68. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.69. Inserted by the Finance Act, 1978, w.e.f. 1-6-1978.70. 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. 1-4-1972.71. Substituted for “sub-section” by the Finance Act, 1978, w.e.f. 1-6-1978.72. Substituted for sub-sections (1) to (3) of section 218, which were earlier substituted by theFinance Act, 1978, w.e.f. 1-6-1978 and later on amended by the Finance Act, 1979, w.e.f.1-4-1979, by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.