Lawgist11Advance payment of interest-tax
1[11. Advance payment of interest-tax.--(1) Interest-tax shall be payable in advance during the financial year in respect of the chargeable interest for the assessment year immediately following that financial year in accordance with the provision of this section.
(2) Interest-tax shall be payable in advance in three instalments during each financial year, the due date of, and the amount payable in, each such instalment being as specified in the following Table:
TABLE
Due date of instalment Amount payable
On or before the 15th September Not less than twenty per cent. of such interest-tax Payable in advance.
On or before the 15th December Not less than fifty per cent. of such interest-tax payable in advance, as reduced by the amount, if any, paid in the earlier instalment.
On or before the 15th March The whole amount of such interest-tax payable in advance as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments:
Provided that any amount paid by way of interest-tax payable in advance on or before the 31st day of March shall also be treated as interest-tax paid in advance during the financial year ending on that day for all the purposes of this Act.]
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1. Subs. by Act 49 of 1991, s. 101, for sections 11 to 13 (w.e.f. 1-10-1991).
- 1 Short title and extent
- 2 Definitions
- 3 Tax authorities
- 4 Charge of tax
- 5 Scope of chargeable interest
- 6 Computation of chargeable interest
- 7 Return of chargeable interest
- 8 Assessment
- 9 Self-assessment
- 10 Interest escaping assessment
- 10A Time limit for completion of assessments and re-assessments
- 11 Advance payment of interest-tax
- 12 Interest for default in furnishing return of chargeable interest
- 12A Interest for default in payment of interest-tax in advance
- 12B Interest for deferment of interest-tax payable in advance
- 13 Penalty for concealment of chargeable interest
- 14 Opportunity of being heard
- 15 Appeals to the Commissioner (Appeals)
- 15A Omitted
- 16 Appeals to Appellate Tribunal
- 17 Rectification of mistakes
- 18 Interest-tax deductible in computing total income under the Income-tax Act
- 19 Revision of order prejudicial to revenue
- 20 Revision of orders by Commissioner
- 21 Application of provisions of Income-tax Act
- 22 Income-tax papers to be available for the purposes of this Act
- 23 Failure to comply with notices
- 24 False statements
- 25 Wilful attempt to evade tax, etc
- 26 Abetment of false returns, etc
- 26A Offences by credit institutions
- 26B Institution of proceedings and composition of offences
- 26C Power of credit institutions to vary certain agreements
- 27 Power to make rules
- 28 Power to exempt
- 29 Power to remove difficulty
- 30 Repealed
