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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"

Section 218. If any assessee does not pay on the date specified in sub-section (1) of section 211, any Installment 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 Installment 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 Installment or Installments.

 

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

Section 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.

Income Tax Act 1961

What is Interest payable by assessee in case of under-estimate, etc? What is Interest payable by assessee when no estimate made? Section 216 and 217 of Income Tax Act 1961

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

When tax payable and when assessee deemed in default? Penalty payable when tax in default? Section 220 and 221 of Income Tax Act 1961

What is Certificate to Tax Recovery Officer? Tax Recovery Officer by whom recovery is to be effected? Section 222 and 223 of Income Tax Act 1961

What is Validity of certificate and cancellation or amendment thereof? What is Stay of proceedings in pursuance of certificate and amendment or cancellation thereof? Section 224 and 225 of Income Tax Act 1961

What is Other modes of recovery? What is Recovery through State Government? Section 226 and 227 of Income Tax Act 1961

What is Other modes of recovery? What is Recovery through State Government? Section 226 and 227 of Income Tax Act 1961

What is Recovery of tax in pursuance of agreements with foreign countries? What is Recovery of penalties, fine, interest and other sums? What is Tax clearance certificate? Section 228A, 229 and 230 of Income Tax Act 1961

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