India - Income Tax Act 2010 - Saarc

1.919 CH. XXI - PENALTIES IMPOSABLE S. 273(b) has 30 [***] failed to furnish an estimate of the advance tax payable byhim in accordance with the provisions of 31 [clause (b) of sub-section(1) of section 209A], or(c) has 32 [***] failed to furnish an estimate of the advance tax payable byhim in accordance with the provisions of 33 [sub-section (4) of section209A or] sub-section (3A) of section 212,he may direct that such person shall, in addition to the amount of tax, if any,payable by him, pay by way of penalty a sum—(i) which, in the case referred to in clause (a), shall not be less than tenper cent but shall not exceed one and a half times the amount bywhich the tax actually paid during the financial year immediatelypreceding the assessment year under the provisions of ChapterXVII-C falls short of—(1) seventy-five per cent of the assessed tax as defined in sub-section(5) of section 215, or34[(2) where a statement under clause (a) of sub-section (1) of section209A was furnished by the assessee or where a notice undersection 210 was issued to the assessee, the amount payable undersuch statement or, as the case may be, such notice,]whichever is less;35[(ia) which, in the case referred to in clause (aa), shall not be less than tenper cent but shall not exceed one and a half times the amount bywhich the tax actually paid during the financial year immediatelypreceding the assessment year under the provisions of ChapterXVII-C falls short of seventy-five per cent of the assessed tax asdefined in sub-section (5) of section 215;](ii) which, in the case referred to in clause (b), shall not be less than tenper cent but shall not exceed one and a half times of seventy-five percent of the assessed tax as defined in sub-section (5) of section 215;and36[(iii) which, in the case referred to in clause (c), shall not be less than tenper cent but shall not exceed one and a half times the amount bywhich—(a) where the assessee has sent a statement under clause (a), or anestimate under clause (b) of sub-section (1) of section 209A, or anestimate in lieu of a statement under sub-section (2) of thatsection, the tax payable in accordance with such statement orestimate; or30. Words “without reasonable cause” omitted by the Taxation Laws (Amendment & MiscellaneousProvisions) Act, 1986, w.e.f. 10-9-1986.31. Substituted for “sub-section (3) of section 212” by the Finance Act, 1978, w.e.f. 1-6-1978.32. Words “without reasonable cause” omitted by the Taxation Laws (Amendment & MiscellaneousProvisions) Act, 1986, w.e.f. 10-9-1986.33. Inserted by the Finance Act, 1978, w.e.f. 1-6-1978.34. Substituted, ibid.35. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-9-1977.36. Substituted by the Finance Act, 1978, w.e.f. 1-6-1978.