Surcharge on advance tax - companies must self-pay by the due date; treated as income-tax for assessment, default incurs interest. A statutory surcharge on advance tax for the financial year 1971-72 must be paid by companies on their own motion by the due date and is to be treated as payment of income-tax for the relevant assessment year, with credit for self-assessment, provisional assessment and regular assessment. Non-payment by the due date makes the company a deemed assessee in default liable for simple interest and applicable penalty and recovery provisions. The surcharge is a separate levy and is excluded from computations under provisions that govern interest and penalty related to advance tax.
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.
Surcharge on advance tax - companies must self-pay by the due date; treated as income-tax for assessment, default incurs interest.
A statutory surcharge on advance tax for the financial year 1971-72 must be paid by companies on their own motion by the due date and is to be treated as payment of income-tax for the relevant assessment year, with credit for self-assessment, provisional assessment and regular assessment. Non-payment by the due date makes the company a deemed assessee in default liable for simple interest and applicable penalty and recovery provisions. The surcharge is a separate levy and is excluded from computations under provisions that govern interest and penalty related to advance tax.
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