Section 89 - Amendment of section 211. - Finance Act, 2016

Amendment of section 211. 89 . In section 211 of the Income-tax Act, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of June, 2016, namely:- (1) Advance tax on the current income calculated in the manner laid down in section 209 shall be payable by- (a) all the assessees, other than the assessee referred to in clause (b), who are liable to pay the same, in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in the Table below: TABLE Due date of instalment Amount payable On or before the 15th June Not less than fifteen per cent. of such advance tax. On or before the 15th September Not less than forty-five per cent. of such advance tax, as reduced by the amount, if any, paid in the earlier instalment On or before the 15th December Not less than seventy-five per cent. of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments. On or before the 15th March The whole amount of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments; (b) an eligible assessee in respect of an eligible business referred to in section 44AD, to the extent of the whole amount of such advance tax during each financial year on or before the 15th March: Provided that any amount paid by way of advance tax on or before the 31st day of March shall also be treated as advance tax paid during the financial year ending on that day for all the purposes of this Act. .