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Home Acts & Rules Income Tax Act Income-tax Act, 1961 Chapters List Chapter XXI PENALTIES IMPOSABLE This
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Section 273 - False estimate of, or failure to pay, advance tax - Income-tax Act, 1961

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..... ss than ten per cent but shall not exceed one and a half times the amount by which the tax actually paid during the financial year immediately preceding the assessment year under the provisions of Chapter XVII-C falls short of- (1) seventy-five per cent of the assessed tax as defined in sub-section (5) of section 215, or (2) the amount which would have been payable by way of advance tax if the assessee had furnished a correct and complete statement in accordance with the provisions of clause (a) of sub-section (1) of section 209A, whichever is less; (ii) which, in the case referred to in clause (b), shall not be less than ten per cent but shall not exceed one and a half times of seventy-five per cent of the assessed tax as defined in sub-se .....

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Section 273 - False estimate of, or failure to pay, advance tax - Income-tax Act, 1961

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..... pay by way of penalty a sum- (i) which, in the case referred to in clause (a), shall not be less than ten per cent but shall not exceed one and a half times the amount by which the tax actually paid during the financial year immediately preceding the assessment year under the provisions of Chapter XVII-C falls short of- (1) seventy-five per cent of the assessed tax as defined in sub-section (5) of section 215, or 15[(2) where a statement under clause (a) of sub-section (1) of section 209A was furnished by the assessee or where a notice under section 210 was issued to the assessee, the amount payable under such statement or, as the case may be, such notice,] whichever is less; 16[(ia) which, in the case referred to in clause (aa), shall not .....

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Section 273 - False estimate of, or failure to pay, advance tax - Income-tax Act, 1961

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..... ] 19[Explanation 20[1].-For the purposes of clause (ia), the amount paid by the assessee on or before the date extended by the 21[27[Principal Chief Commissioner or] Chief Commissioner or 27[Principal Commissioner or] Commissioner] under the 22[first] 23[proviso to sub-section (4) of section 209A or, as the case may be,] 24[first] proviso to sub-section (3A) of section 212 shall, where the date so extended falls beyond the financial year immediately preceding the assessment year, also be regarded as tax actually paid during that financial year.] 25[Explanation 2.-When the person liable to penalty is a registered firm or an unregistered firm which has been assessed under clause (b) of section 183, then, notwithstanding anything contained in .....

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Section 273 - False estimate of, or failure to pay, advance tax - Income-tax Act, 1961

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..... Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 12. Substituted for "sub-section (3) of section 212" by the Finance Act, 1978, w.e.f. 1-6-1978. 13. Words "without reasonable cause" omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 14. Inserted by the Finance Act, 1978, w.e.f. 1-6-1978. 15. Substituted by the Finance Act, 1978, w.e.f. 1-6-1978. 16. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-9-1977. 17. Substituted by the Finance Act, 1978, w.e.f. 1-6-1978. 18. Inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-9-1980. 19. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-9-1977. 20. Numbered as Explanation 1 by the Taxation Laws (Amendme .....

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Section 273 - False estimate of, or failure to pay, advance tax - Income-tax Act, 1961

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