India - Income Tax Act 2010 - Saarc

S. 234C I.T. ACT, 1961 1.818been a part of the total income, as part of the 88 [remaining instalments of advancetax which are due or where no such instalments are due], by the 31st day ofMarch of the financial year:]89[Provided further that nothing contained in this sub-section shall apply to anyshortfall in the payment of the tax due on the returned income where suchshortfall is on account of increase in the rate of surcharge under section 2 of theFinance Act, 2000 (10 of 2000), as amended by the Taxation Laws (Amendment)Act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on orbefore the 15th day of March, 2001 in respect of the instalment of advance taxdue on the 15th day of June, 2000, the 15th day of September, 2000 and the 15thday of December, 2000 :]90[Provided also that nothing contained in this sub-section shall apply to anyshortfall in the payment of the tax due on the returned income where suchshortfall is on account of increase in the rate of surcharge under section 2 of theFinance Act, 2000 (10 of 2000) as amended by the Taxation Laws (Amendment)Act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on orbefore the 15th day of March, 2001 in respect of the instalment of advance taxdue on the 15th day of June, 2000, the 15th day of September, 2000 and 15th dayof December, 2000.]91[Explanation.—In this section, “tax due on the returned income” means the taxchargeable on the total income declared in the return of income furnished by theassessee for the assessment year commencing on the 1st day of April immediatelyfollowing the financial year in which the advance tax is paid or payable, asreduced by the amount of,—(i) any tax deductible or collectible at source in accordance with theprovisions of Chapter XVII on any income which is subject to suchdeduction or collection and which is taken into account in computingsuch total income;(ii) any relief of tax allowed under section 90 on account of tax paid in acountry outside India;(iii) any relief of tax allowed under section 90A on account of tax paid ina specified territory outside India referred to in that section;88. Substituted for “instalment of advance tax which is immediately due or where no suchinstalment is so due” by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997.89. Second proviso inserted by the Taxation Laws (Amendment) Act, 2000, w.e.f. 4-1-2001.Earlier, the second proviso was inserted by the Taxation Laws (Amendment) Act, 1991,w.e.f. 15-1-1991 and later on omitted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997.90. Third proviso inserted by the Taxation Laws (Amendment) Act, 2001, w.r.e.f. 3-2-2001.91. Substituted by the Finance Act, 2006, w.e.f. 1-4-2007. Prior to its substitution, Explanation,as amended by the Taxation Laws (Amendment) Act, 1991, w.e.f. 15-1-1991 and FinanceAct, 1992, w.r.e.f. 1-4-1989, read as under :‘Explanation.—In this section, “tax due on the returned income” means the tax chargeableon the total income declared in the return of income furnished by the assessee for theassessment year commencing on the 1st day of April immediately following the financialyear in which the advance tax is paid or payable, as reduced by the amount of taxdeductible or collectible at source in accordance with the provisions of Chapter XVII onany income which is subject to such deduction or collection and which is taken intoaccount in computing such total income.’