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of <h1>1971 Act Imposes 2.5% Surcharge on Company Advance Tax for FY 1971-72, Due by March 15, 1972.</h1> The Companies (Surcharge on Income-tax) Act, 1971, enacted as Act No. 62 of 1971, mandates a 2.5% surcharge on advance tax payable by companies for the financial year 1971-72. Companies must pay this surcharge by March 15, 1972, without prior notice from the Income-tax Officer. The surcharge will be considered part of the income-tax for the assessment year 1972-73. Failure to pay by the deadline results in a 9% annual interest penalty. The surcharge is separate from the advance tax and does not affect provisions related to interest or penalties under specific sections of the Income-tax Act.
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