Advance tax credit treated as payment for the relevant previous year; credited in the regular assessment process. Section 219 treats any sum paid or recovered as advance tax, other than a penalty or interest, as payment of tax for the income of the previous year ... Summary
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Advance tax credit treated as payment for the relevant previous year; credited in the regular assessment process.
Section 219 treats any sum paid or recovered as advance tax, other than a penalty or interest, as payment of tax for the income of the previous year relevant to the assessment year next following the financial year in which it was payable, and requires that credit for such advance tax be given to the assessee in the regular assessment.
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