Surcharge-induced shortfall exemption: surcharge-related shortfalls excluded from penal provision if paid by the stipulated compliance deadline. The amendment inserts a proviso excluding from section 234C any shortfall in tax on returned income that is solely attributable to an increase in the rate ... Summary
Surcharge-induced shortfall exemption: surcharge-related shortfalls excluded from penal provision if paid by the stipulated compliance deadline.
The amendment inserts a proviso excluding from section 234C any shortfall in tax on returned income that is solely attributable to an increase in the rate of surcharge, provided the assessee pays that surcharge-related shortfall by the stipulated compliance deadline in respect of the advance tax instalments due in June, September and December 2000.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.