TMI BlogFalse estimate of, or failure to pay, advance taxX X X X Extracts X X X X X X X X Extracts X X X X ..... irect that such person shall, in addition to the amount of tax, if any, payable by him, 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 ( 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rnish an estimate of the advance tax payable by him in accordance with the provisions of 14 [sub-section (4) of section 209A or] sub-section (3A) of section 212, he may direct that such person shall, in addition to the amount of tax, if any, payable by him, 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 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessed tax as defined in sub-section (5) of section 215:]] 18 [Provided that in the case of an assessee, being a company, the provisions of this sub-section shall have effect as if for the words seventy-five per cent , wherever they occur, the words eighty-three and one-third per cent had been substituted.] 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, whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 8. Substituted by the Finance Act, 1978, w.e.f. 1-6-1978. Earlier, clause (a) was amended by the Finance (No. 2) Act, 1977, w.e.f. 1-4-1977. 9. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-9-1977. 10 . Inserted by the Finance Act, 1978, w.e.f. 1-6-1978. 11. Words without reasonable cause omitted by the Taxation Laws (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. 10-9-19 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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