When assessee deemed to be in default? What is Credit for advance tax? Section 218 and 219 of Income Tax Act 1961

When assessee deemed to be in default and Credit for advance tax are defined under section 218 and 219 of Income Tax Act 1961. Provisions under these Sections are :

Section 218 of Income Tax Act "When assessee deemed to be in default"

218. If any assessee does not pay on the date specified in sub-section (1) of section 211, any instalment of the advance tax that he is required to pay by an order of the Assessing Officer under sub-section (3) or sub-section (4) of section 210 and does not, on or before the date on which any such instalment as is not paid becomes due, send to the Assessing Officer an intimation under sub-section (5) of section 210 or does not pay on the basis of his estimate of his current income the advance tax payable by him under sub-section (6) of section 210, he shall be deemed to be an assessee in default in respect of such instalment or instalments.

Section 219 of Income Tax Act "Credit for advance tax"

219. Any sum, other than a penalty or interest, paid by or recovered from an assessee as advance tax in pursuance of this Chapter shall be treated as a payment of tax in respect of the income of the period which would be the previous year for an assessment for the assessment year next following the financial year in which it was payable, and credit therefor shall be given to the assessee in the regular assessment.