Rebate on advance gift-tax: excluded gift date counts outside the prescribed payment period for claiming the assessment credit. The circular clarifies that the date of the gift is excluded when computing the prescribed period for payment of gift-tax; accordingly a donor who pays the tax into the treasury within the ensuing statutory period (with allowance for a succeeding working day if the final day is a holiday) remains entitled at assessment to the additional credit provided by the rebate on advance payment.
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.
Rebate on advance gift-tax: excluded gift date counts outside the prescribed payment period for claiming the assessment credit.
The circular clarifies that the date of the gift is excluded when computing the prescribed period for payment of gift-tax; accordingly a donor who pays the tax into the treasury within the ensuing statutory period (with allowance for a succeeding working day if the final day is a holiday) remains entitled at assessment to the additional credit provided by the rebate on advance payment.
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