9911796707
TMI BlogSubstitution of new sections for sections 11 to 13X X X X Extracts X X X X X X X X Extracts X X X X ..... yable in, each such instalment being as specified in the following Table: TABLE Due date of instalment Amount payable On or before the 15th September Not less than twenty per cent. of such interest-tax payable in advance. On or before the 15th December Not less than fifty per cent. of such interest-tax payable in advance, as reduced by the amount, if any, paid in the earlier instalment. On or before the 15th March The whole amount of such interest-tax payable in advance as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments : Provided that any amount paid by way of interest-tax payable in advance on or before the 31st day of March shall also be treated as interest-tax paid in advance during the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.--For the purposes of computing the interest payable under section 9, interest-tax on the chargeable interest declared in the return shall be deemed to be the interest-tax on total chargeable interest determined under sub-section (2) or sub-section (3) of section 8. (2) The interest payable under sub-section (2) shall be reduced by the interest, if any, paid under section 9 towards the interest chargeable under this section. (3) Where the return of chargeable interest for any assessment year, required by a notice under section 10 issued after the completion of assessment under sub-section (2) or sub-section (3) of section 8 or section 10 is furnished after the expiry of the time allowed under such notice or is not furnished, the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... excess interest paid, if any, shall be refunded. (5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1&92 and subsequent years. 12A. Interest for default in payment of interest-tax in advance. (1) Subject to the other, provisions of this section, where in any financial year, an assessee, who is liable to pay interest-tax in advance under section 11 has failed to pay such tax, or where the interest-tax paid in advance by such assessee is less than ninety per cent. of the assessed interest-tax, the assessee shall be liable to pay simple interest at the rate of two per cent. for every month or part of a month comprised in the period from the 1st day of Apri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt by which the tax so paid together with interest-tax paid in advance falls short of the assessed interest-tax. (3) Where, as a result of an order of reassessment under section 10, the amount on which the interest was payable under subsection (1) is increased, the assessee shall be liable to pay simple interest at the rate of two per cent. for every month or part of a month comprised in the period commencing on the day following the completion of the assessment under sub-section (2) or, as the case may be, sub-section (3). of section 8 referred to in sub-section (i) and ending 0n the date of reassessment, under section 10, on the amount by which the interest-tax on the basis of the reassessment exceeds the interest-tax on the chargeable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tember is less than twenty per cent. of the interest-tax due on the returned chargeable' interest or the amount of such interest-tax paid on or before the 15th day of December is less than fifty per sent. of the tax due on the returned chargeable interest, then, the assessee shall be liable to pay simple interest at the rate of one and one-half per cent. per month of the shortfall for a period of three months on the amount of shortfall from twenty per cent. or; as the case may be, fifty per cent. of the interest-tax due on the returned chargeable interest. (2) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1992 and subsequent assessment years. 13. Pena ..... X X X X Extracts X X X X X X X X Extracts X X X X
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