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TMI BlogInsertion of new section 7A to 7DX X X X Extracts X X X X X X X X Extracts X X X X ..... Surtax shall be payable, in accordance with the provisions of this section, in advance during the financial year in respect of the chargeable amount of the period which would be the previous year for the immediately following assessment year. (3) the amount of advance surtax payable by an assessee in the financial year shall be computed as follows :- (a) the chargeable amount of the latest previous year in respect of which the assessee has been assessed by way of regular assessment shall first be ascertained; (b) in a case where the chargeable amount of the latest previous year [being a year later than the previous year referred to in clause (a)] on the basis of which a provisional assessment has been made under section 7 exceeds the charg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in each financial year, on or before the date on which the first instalment, or where it has not previously been assessed by way of regular assessment under this Act, on or before the date on which the last instalment, of advance surtax is due in its case under sub-section (4), if it is likely to have any current chargeable amount, send to the Income-tax Officer, - (a) where it has been previously assessed by way of regular assessment under this Act, a statement of advance surtax payable by it computed in the manner laid down in sub-section (3), or (b) where it has not previously been assessed by way of regular assessment under this Act, an estimate of - (i) the current chargeable amount, and (ii) the advance surtax payable by it on the amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4). (7) Where a company which has sent a statement under clause (a) of sub-section (5) estimates on or before the date on which the last instalment of advance surtax is due in its case that, by reason of its current chargeable amount being likely to be less than the chargeable amount on which advance surtax is payable by it under sub-section (5) or for any other reason, the amount of advance surtax computed in the manner laid down in sub-section (3) on the current chargeable amount would be less than the amount of advance surtax payable by it under sub-section (5), it may, at its option, send to the Income-tax Officer an estimate of - (i) the current chargeable amount, and (ii) the advance surtax payable by it on the current chargeable amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r has, in exercise of the powers conferred by the first proviso to sub-section (4) of section 209A, or the first proviso to sub-section (3A) of section 212, of the Income-tax Act, extended the date for furnishing the estimate referred to in the said sub-section (4) or, as the case may be, the said sub-section (3A) and the company has paid the advance surtax which it is liable to pay under sub-section (5) or sub-section (6) or, as the case may be, sub-section (7) on or before the date on which the last instalment of advance surtax is due in its case, the company shall pay, on or before the date as so extended, the amount by which the advance surtax already paid by it falls short of the advance surtax payable in accordance with its estimate. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the regular assessment, the Income-tax Officer finds - (a) that any such company as is referred to in clause (a) of sub-section (5) of section 7A has not sent the statement referred to in that clause or the estimate in lieu of such statement referred to in sub-section (6) of that section; or (b) that any such company as is referred to in clause (b) of sub-section (5) of section 7A has not sent the estimate referred to in that clause, simple interest at the rate of twelve per cent. per annum from the 1st day of April next following the financial year in which the advance surtax was payable in accordance with the said sub-section (5) or sub-section (6) up to the date of the regular assessment shall be payable by the company upon the amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payable under this section has been reduced, the interest shall be reduced accordingly and the excess interest paid, if any, shall be refunded. (7) In this section and section 9A, assessed surtax means the surtax determined on the basis of the regular assessment without making any deduction therefrom. 7D. Interest payable by assessee in case of underestimate, etc. Where, on making the regular assessment, the Income-tax Officer finds that any company Has under section 7A underestimated the advance surtax payable by it and thereby reduced the amount payable in either of the first two instalments, he may direct that the company shall pay simple interest at twelve per cent. per annum for the period during which the payment was deficient, on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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