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of <h1>Advance tax payments credited in regular assessment for prior year income; provisional assessment credit no longer allowed</h1> Any sum paid or recovered as advance tax (excluding penalties and interest) is treated as tax paid for the income of the previous year corresponding to the assessment year following the financial year in which the sum was payable, and the assessee receives credit for that advance payment in the regular assessment. A prior proviso allowing such credit in a provisional assessment was later omitted, so credit is given in the regular assessment process.
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