Instalments of advance-tax
Instalments of advance-tax.
211. (1) Subject to the provisions of this section and of section 212, advance-tax shall be payable in three equal instalments on the following dates during the financial year, namely :—
(i) the 15th day of June, the 15th day of September and the 15th day of December, in the case of an assessee whose total income to the extent of 75 per cent, thereof or more is derived from a source or sources for which the previous year (relevant to the assessment year next following the financial year aforesaid) ends on or before the 31st day of December ;
(ii) The 15th day of September, the 15th day of December and the 15th day of March, in any other case :
Provided that in respect of any class of assesseess referred to in clause (i), the Board may, having regard to the nature of dealings in the business carried on by such assessees, the method of accounting followed by them and other relevant factors, authorise, by notification in the official Gazette and subject to such conditions as may be specified therein, the payment of the last instalment of the advance-tax on the 15th day of March during the financial year, instead of on the 15th day of December.
Explanation—In this sub-section, "total income" means,—
(a) in a case where advance-tax is paid by the assessee in accor dance with an order of the Income-tax Officer under section 210, the total income with reference to which the advance tax payable has been calculated in such order ;
(b) in a case where the advance tax is paid in accordance with an estimate made by the assessee under section 212, the total income with reference to which the advance-tax is so estimated,
as reduced, in either case, by the capital gains, if any, included therein.
(2) If the notice of demand issued under section 156 in pursuance of the order under section 210 is served after any of the dates on which the instalments specified therein are payable, the advance-tax shall be payable in equal instalments on each of such of those dates as fall after the date of the service of the notice of demand, or in one sum on the 15th day of March, if the notice is served after the 15th day of December.
[As amended by Finance (No. 2) Act, 1971 and Taxation Laws (Amendment) Act, 1970]