Section 44 - Amendment of section 211 - Finance Act, 1994

44. Amendment of section 211. 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 April, 1994, namely:- (1) Advance tax on the current income calculated in the manner laid down in section 209 shall be payable by- (a) all the companies, 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 Table I below: TABLE I 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) all the assessees (other than companies), who are liable to pay the same, in three instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in Table II below: TABLE II Due date of instalment Amount payable On or before the 15th September Not less than thirty per cent. of such advance tax. On or before the 15th December Not less than sixty per cent. of such advance tax, as reduced by the amount, if any, paid in the earlier instalment. 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: 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. .