https://www.taxtmi.com/caselaws?id=276793 Dividend income of a resident assessee is includible in the estimate of advance tax under section 18A(2) of the Income-tax Act, 1922, because it is not income on which tax is deducted at source under section 18. Sections 18(5) and 49B merely deem payment and grant credit for grossed-up dividend tax; they do not exclude dividend income from the estimate itself. Section 18A(6) therefore applies where the advance tax paid on the assessee's estimate falls below eighty per cent of the regular assessment tax attributable to income outside section 18, and short inclusion of dividend income can attract penal interest. en-us Fri, 03 Jul 1959 00:00:00 +0530 Sat, 17 Nov 2018 14:17:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276793 Dividend income of a resident assessee is includible in the estimate of advance tax under section 18A(2) of the Income-tax Act, 1922, because it is not income on which tax is deducted at source under section 18. Sections 18(5) and 49B merely deem payment and grant credit for grossed-up dividend tax; they do not exclude dividend income from the estimate itself. Section 18A(6) therefore applies where the advance tax paid on the assessee's estimate falls below eighty per cent of the regular assessment tax attributable to income outside section 18, and short inclusion of dividend income can attract penal interest. Case-Laws Income Tax Fri, 03 Jul 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276793