Title : Furnishing of Statement of Tax Deducted
State : Central
Year : 1961
1[The prescribed2 income-tax authority or the person authorised by such authority referred to in sub-section (3) of section 200, shall, within the prescribed2 time after the end of each financial year beginning on or after the 3[1st day of April, 2008] prepare and deliver to every person from whose income the tax has been deducted or in respect of whose income the tax has been paid a statement in the prescribed2 form specifying the amount of tax deducted or paid and such other particulars as may be prescribed2.] ________________ 1. Inserted by the Finance (No. 2) Act, 2004, with effect from 1st April, 2005. 2. See rule 31AB and Form No. 26AS. The prescribed income-tax authority under rule 31AB is the Director General of Income-tax (Systems) or the person authorised by him. For..... View Complete Act List Judgments citing this sectionTitle : Computation of Advance Tax
State : Central
Year : 1961
(1) The amount of advance tax payable by an assessee in the financial year shall, subject to the provisions of sub-sections (2) and (3), be computed as follows, namely : (a) where the calculation is made by the assessee for the purposes of payment of advance tax under sub-section (1) or sub-section (2) or sub-section (5) or sub-section (6) of section 210, he shall first estimate his current income and income-tax thereon shall be calculated at the rates in force in the financial year ; (b) where the calculation is made by the Assessing Officer for the purpose of making an order under sub-section (3) of section 210, the total income of the latest previous year in respect of which the assessee has been assessed by way of regular assessment or the total income returned by the assessee..... View Complete Act List Judgments citing this sectionTitle : Instalments of Advance Tax and Due Dates
State : Central
Year : 1961
(1) Advance tax on the current income calculated in the manner laid down in section 209 shall be payable by- (a) all the companies, who are liable to pay the same, in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in Table I below : TABLE I Due date of instalment Amount payable On or before the 15th June Not less than fifteen per cent of such advance tax. On or before the 15th September Not less than forty-five per cent of such advance tax, as reduced by the amount, if any, paid in the earlier instalment. On or before the 15th December Not less than seventy-five per cent of such..... View Complete Act List Judgments citing this sectionTitle : Interest Payable by Assessee
State : Central
Year : 1961
(1) Where, in any financial year, an assessee has paid advance tax under section 209A or section 212 on the basis of his own estimate (including revised estimate), and the advance tax so paid is less than seventy-five per cent of the assessed tax, simple interest at the rate of fifteen per cent per annum from the 1st day of April next following the said financial year up to the date of the regular assessment shall be payable by the assessee upon the amount by which the advance tax so paid falls short of the assessed tax : 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, the words eighty-three and one-third per cent had been substituted. (2) Where before the date of completion of..... View Complete Act List Judgments citing this sectionTitle : Interest Payable by Assessee when No Estimate Made
State : Central
Year : 1961
(1) Where, on making the regular assessment, the Assessing Officer finds (a) that any such person as is referred to in clause (a) of sub-section (1) of section 209A has not sent the statement referred to in that clause or the estimate in lieu of such statement referred to in sub-section (2) of that section ; or (b) that any such person as is referred to in clause (b) of sub-section (1) of section 209A has not sent the estimate referred to in that clause, simple interest at the rate of fifteen per cent per annum, from the 1st day of April next following the financial year in which the advance tax was payable in accordance with the said sub-section (1) or sub-section (2) up to the date of the regular assessment shall be payable by the assessee upon the amount equal to the assessed..... View Complete Act List Judgments citing this sectionTitle : Penalty Payable when Tax in Default
State : Central
Year : 1961
(1) When an assessee is in default or is deemed to be in default in making a payment of tax, he shall, in addition to the amount of the arrears and the amount of interest payable under sub-section (2) of section 220, be liable, by way of penalty, to pay such amount as the Assessing Officer may direct, and in the case of a continuing default, such further amount or amounts as the Assessing Officer may, from time to time, direct so, however, that the total amount of penalty does not exceed the amount of tax in arrears : Provided that before levying any such penalty, the assessee shall be given a reasonable opportunity of being heard : Provided further that where the assessee proves to the satisfaction of the Assessing Officer that the default was for good and sufficient reasons, no..... View Complete Act List Judgments citing this sectionTitle : Recovery Through State Government
State : Central
Year : 1961
If the recovery of tax in any area has been entrusted to a State Government under clause (1) of article 258 of the Constitution, the State Government may direct, with respect to that area or any part thereof, that tax shall be recovered therein with, and as an addition to, any municipal tax or local rate, by the same person and in the same manner as the municipal tax or local rate is recovered. View Complete Act List Judgments citing this sectionTitle : Application for Advance Ruling
State : Central
Year : 1961
(1) An applicant desirous of obtaining an advance ruling under this Chapter may make an application in such form and in such manner as may be prescribed1, stating the question on which the advance ruling is sought. (2) The application shall be made in quadruplicate and be accompanied by a fee of two thousand five hundred rupees. (3) An applicant may withdraw an application within thirty days from the date of the application. _________________________________ 1. See rule 44E and Form Nos. 34C, 34D and 34E. For analysis, see Mashbras Income-tax Rules. View Complete Act List Judgments citing this sectionTitle : Procedure on Receipt of Application
State : Central
Year : 1961
(1) On receipt of an application, the Authority shall cause a copy thereof to be forwarded to the Commissioner and, if necessary, call upon him to furnish the relevant records: Provided that where any records have been called for by the Authority in any case, such records shall, as soon as possible, be returned to the Commissioner. (2) The authority may, after examining the application and the records called for, by order, either allow or reject the application: 1[Provided that the Authority shall not allow the application where the question raised in the application, (i) is already pending before any income-tax authority or Appellate Tribunal [except in the case of a resident applicant falling in sub-clause (iii) of clause (b) of section 245N] or any court; (ii) involves..... View Complete Act List Judgments citing this sectionTitle : Applicability of Advance Ruling
State : Central
Year : 1961
(1) The advance ruling pronounced by the Authority under section 245R shall be binding only (a) on the applicant who had sought it; (b) in respect of the transaction in relation to which the ruling had been sought; and (c) on the Commissioner, and the income-tax authorities, subordinate to him, in respect of the applicant and the said transaction. (2) The advance ruling referred to in sub-section (1) shall be binding as aforesaid unless there is a change in law or facts on the basis of which the advance ruling has been pronounced. View Complete Act List Judgments citing this section