Surcharge on advance tax requires companies to self-pay by due date; default triggers interest and tax recovery provisions. The Act imposes a surcharge on advance tax payable by companies for the financial year, to be self-paid by the due date and treated as payment of income-tax for the assessment year with credit for self-assessment, provisional and regular assessment; non-payment makes the company a assessee in default, liable to simple interest and subject to penalty and recovery provisions under the tax law with necessary modifications. The surcharge is a distinct levy and is not to be regarded as part of advance tax for the purpose of advance-tax specific interest and penalty calculations.
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 requires companies to self-pay by due date; default triggers interest and tax recovery provisions.
The Act imposes a surcharge on advance tax payable by companies for the financial year, to be self-paid by the due date and treated as payment of income-tax for the assessment year with credit for self-assessment, provisional and regular assessment; non-payment makes the company a assessee in default, liable to simple interest and subject to penalty and recovery provisions under the tax law with necessary modifications. The surcharge is a distinct levy and is not to be regarded as part of advance tax for the purpose of advance-tax specific interest and penalty calculations.
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