9911796707
TMI BlogFalse estimate of, or failure to pay, advance taxX X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 ten per cent but shall not exceed one and a half times the amount by which the tax actually paid during the financial year immediately preceding the assessment year under the provisions of Chapter XVII-C falls short of- (1) seventy-five per cent of the assessed tax as defined in sub-section (5) of section 215, or (2) the amount which would have been payable by way of advance tax if the assessee had furnished a correct and complete statement in accordance with the provisions of clause (a) of sub-section (1) of section 209A, whichever is less; (ii) which, in the case referred to in clause (b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n (4) of section 209A 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 ten per cent but shall not exceed one and a half times the amount by which the tax actually paid during the financial year immediately preceding the assessment year under the provisions of Chapter XVII-C falls short of- (1) seventy-five per cent of the assessed tax as defined in sub-section (5) of section 215, or 15[(2) where a statement under clause (a) of sub-section (1) of section 209A was furnished by the assessee or where a notice under section 210 was issued to the assessee, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion shall have effect as if for the words "seventy-five per cent", wherever they occur, the words "eighty-three and one-third per cent" had been substituted.] 19[Explanation 20[1].-For the purposes of clause (ia), the amount paid by the assessee on or before the date extended by the 21[27[Principal Chief Commissioner or] Chief Commissioner or 27[Principal Commissioner or] Commissioner] under the 22[first] 23[proviso to sub-section (4) of section 209A or, as the case may be,] 24[first] proviso to sub-section (3A) of section 212 shall, where the date so extended falls beyond the financial year immediately preceding the assessment year, also be regarded as tax actually paid during that financial year.] 25[Explanation 2.-W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w.e.f. 1-4-1977. 9. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-9-1977. 10. Inserted by the Finance Act, 1978, w.e.f. 1-6-1978. 11. Words "without reasonable cause" omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 12. Substituted for "sub-section (3) of section 212" by the Finance Act, 1978, w.e.f. 1-6-1978. 13. Words "without reasonable cause" omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 14. Inserted by the Finance Act, 1978, w.e.f. 1-6-1978. 15. Substituted by the Finance Act, 1978, w.e.f. 1-6-1978. 16. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-9-1977. 17. Substituted by the Finance A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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