Advance tax penalties apply where an assessee submits untrue estimates or fails to furnish or pay required advance tax. An assessing officer may direct payment of a penalty where an assessee furnishes an advance-tax estimate known to be untrue or fails to furnish or pay advance tax; the penalty ranges from a minimum of ten per cent to a maximum up to one and a half times the amount by which tax actually paid falls short of prescribed benchmarks of the assessed tax or the amount stated in a correct statement or notice, with a higher benchmark prescribed for companies and special provisions for counting payments made after an extended due date.