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of <h1>2.5% Surcharge on Advance Tax for Companies FY 1971-72 Due by 15-3-1972, 9% Interest Penalty for Late Payment.</h1> The circular issued on 8-8-1972 outlines the imposition of a 2.5% surcharge on advance tax payable by companies for the financial year 1971-72 under the Companies (Surcharge on Income-tax) Act, 1971. Companies are required to pay this surcharge by 15-3-1972 without receiving a demand notice. This surcharge will be credited as income tax for the assessment year 1972-73. Failure to pay by the due date results in a default status, attracting a 9% annual interest. The surcharge is distinct from advance tax and does not affect provisions related to interest or penalties under specific sections of the Income-tax Act.
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