Interest for deferment of advance income-tax.
211. (1) Where a person other than a company, who is liable to pay advance income-tax under section 205 has—
(a) failed to pay such tax; or
(b) paid the tax on or before the dates specified in column (2) of the Table given below which is less than the percentage of the advance income-tax payable specified in column (3) of the said Table,
he shall be liable to pay simple interest at the rate of one per cent. per month for the period specified in column (4) of the said Table on the amount of shortfall from the percentages of advance income-tax payable as specified in column (5) and the interest payable by such person under this section shall be the aggregate of all such amounts.
TABLE
|
Serial number |
Due date |
Percentage for purposes of ascertaining liability |
Period |
Percentage for purposes of computing Interset |
|
(1) |
(2) |
(3) |
(4) |
(5) |
|
1.
|
15th September.
|
Thirty per cent.
|
Three months.
|
Thirty per cent.
|
|
2.
|
15th December.
|
Sixty per cent.
|
Three months.
|
Sixty per cent.
|
|
3.
|
15th March.
|
One hundred per cent.
|
One month.
|
One hundred per cent.
|
(2) Where a company, which is liable to pay advance income-tax under section 205 has,—
(a) failed to pay such tax; or
(b) paid the tax on or before the dates specified in column (2) of the Table given below which is less than the percentage of the advance income-tax payable specified in column (3) of the said Table,
it shall be liable to pay simple interest at the rate of one per cent. per month for the period specified in column (4) of the said Table on the amount of shortfall from the percentages of advance income-tax payable as specified in column (5) and the interest payable by such company under this section shall be the aggregate of all such amounts:
TABLE
|
Serial number |
Due date |
Percentage for purposes of ascertaining liability |
Period |
Percentage for purposes of computing Interset |
|
(1) |
(2) |
(3) |
(4) |
(5) |
|
1. |
15th June. |
Twelve per cent. |
Three months |
Fifteen per cent. |
|
2. |
15th September.
|
Thirty-six per cent.
|
Three months
|
Forty-five per cent.
|
|
3. |
15th December. |
Seventy-five per cent.
|
Three months
|
Seventy-five per cent.
|
|
4. |
15th March.
|
One hundred per cent.
|
One month
|
One hundred per cent.
|
(3) The assessee shall not be liable to pay interest under sub-section (1) or subsection (2), as the case may be, on any shortfall in the advance income-tax payable where such shortfall is on account of under estimation or failure to estimate,—
(a) the amount of capital gains; or
(b) income of nature listed at serial number 4 in the Table in Part III of the First Schedule.
(4) The provisions of sub-section (3) shall apply in a case where the assessee has paid the whole of the amount of tax payable, in respect of the income of nature referred to in that sub-section, in the remaining instalments of advance tax or where no such instalments are due, by the 31st day of March of the financial year.
