Advance-tax interest ineligibility: payments made after prescribed instalment dates do not qualify for interest under the Act Interest under section 214 is payable only where payments were actually made as advance-tax under the statutory advance-tax scheme and exceed the tax determined on assessment. An estimate filed under the statutory estimate mechanism replaces the original demand and, if filed as nil and not revised before the last instalment date, means no advance-tax remains. Payments made after the last prescribed instalment date are not treated as advance-tax and therefore do not qualify for interest; officers must verify timing, manner of payment and any valid estimate before granting interest.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Advance-tax interest ineligibility: payments made after prescribed instalment dates do not qualify for interest under the Act
Interest under section 214 is payable only where payments were actually made as advance-tax under the statutory advance-tax scheme and exceed the tax determined on assessment. An estimate filed under the statutory estimate mechanism replaces the original demand and, if filed as nil and not revised before the last instalment date, means no advance-tax remains. Payments made after the last prescribed instalment date are not treated as advance-tax and therefore do not qualify for interest; officers must verify timing, manner of payment and any valid estimate before granting interest.
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