Section 213 - Omitted

Defer advance tax on periodic commission not yet received by notifying tax officer; unpaid beyond 15 days attracts 15% interest

Where part of income subject to advance tax consists of periodic commission that is not received or adjusted by the payer before any advance-tax instalment falls due, the taxpayer may defer payment of advance tax on that portion until the date the commission is normally received or adjusted, on notifying the tax officer of the deferred date. If the deferred advance tax is not paid within fifteen days of receipt or adjustment by the payer, the taxpayer must pay simple interest at fifteen percent per annum from the date of receipt or adjustment until payment.