Advance tax shortfall exemption for deduction limits or surcharge increases when specified instalment payments are made on time. The amendment exempts specified shortfalls in tax paid on returned income from the advance tax shortfall provision when the shortfall is due to a restriction on a capital allowance deduction or an increase in surcharge rate, provided the assessee pays the shortfall in the prescribed instalment: domestic companies must pay deduction-related shortfalls with the immediately due instalment and surcharge-related shortfalls by the November instalment; non-domestic companies must pay deduction-related shortfalls with the immediately due instalment and surcharge-related shortfalls by the March instalment.
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Provisions expressly mentioned in the judgment/order text.
Advance tax shortfall exemption for deduction limits or surcharge increases when specified instalment payments are made on time.
The amendment exempts specified shortfalls in tax paid on returned income from the advance tax shortfall provision when the shortfall is due to a restriction on a capital allowance deduction or an increase in surcharge rate, provided the assessee pays the shortfall in the prescribed instalment: domestic companies must pay deduction-related shortfalls with the immediately due instalment and surcharge-related shortfalls by the November instalment; non-domestic companies must pay deduction-related shortfalls with the immediately due instalment and surcharge-related shortfalls by the March instalment.
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