Section 5 - Amendment of section 234C - Taxation Laws (Amendment) Act, 1991

5. Amendment of section 234C. In section 234C of the Income-tax Act, in sub-section (2), after the first proviso and before the Explanation, the following proviso shall be inserted, namely: Provided further that nothing contained in this sub-section shall apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of (a) restricting the amount of deduction under the third proviso to clause (ii) of sub-section (1) of section 32; (b) increase in the rate of Surcharge under section 2 of the Finance Act, 1990, as amended by the Taxation Laws (Amendment) Act, 1991 (12 of 1990), and the assessee has paid the amount of shortfall, (i) where it is a domestic company and (1) the case falls under clause (a), as part of the instalment of advance tax which is immediately due; (2) the case falls under clause (b), on or before the 15 th day of November, 1990 in respect of the instalment of advance tax due on the 15th day of September, 1990; (ii) where it is not a domestic company and (1) the case falls under clause (a), as part of the instalment of advance tax which is immediately due; (2) the case falls under clause (b), as part of the instalment of advance tax due on or before the 15th day of March 1991. .