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TMI BlogMain changes relating to tax deduction/collection at source and ``advance tax''--RegardingX X X X Extracts X X X X X X X X Extracts X X X X ..... g the Winter Session and which has received the assent of the President on 15th January, 1991, has replaced the aforesaid Ordinance, and has also provided for certain other matters. 2. The provisions of the Amending Act, 1991, have already been explained in Board's Circular No.591 [F.No.133/495/90- TPL] dated 30th January, 1991. The main changes relating to tax deduction/collection at source and "advance tax" are as follows:-- A. Surcharge on income-tax deducted at source: (i) In the case of a domestic company.--Where tax is to be deducted at source under the Income-tax Act, 1961, in accordance with the provisions of section 193 relating to interest on securities, section 194 relating to dividends, section 194A relating to interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to deduction at source from salary income shall, at the time of making such payment after 15th January, 1991, adjust any deficiency arising out of any previous deduction resulting on account of the increase in the rate of surcharge. B. Surcharge on income-tax collected at source: (i) In the case of a domestic company.--Where income-tax has to be collected at source in the case of a domestic company under the provisions of section 206C of the Income-tax Act, the amount of income-tax collected was earlier required to be increased by a surcharge at the rate of 8 per cent. The Amending Act, 1991, provides that income-tax collected at source under the aforesaid provision on or after 15th October, 1990, shall be increased by a surcharge of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments of "advance tax" A non-corporate resident assessee, having taxable income exceeding Rs.75,000, was earlier required to pay surcharge on income-tax at the rate of 8 per cent. The Amending Act, 1991, has increased the rate of surcharge from 8 per cent. to 12 per cent. However, as the increase in the rate of surcharge was announced after the dates for payment of the first two instalments of "advance tax" the Amending Act, 1991, provides that the additional liability in respect of the instalments of "advance tax" payable on or before 15th September, 1990, and 15th December, 1990, arising as a result of increase in the rate of surcharge, shall be payable on or before 15th March, 1991. The instalment of "advance tax" due on 15th March, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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