https://www.taxtmi.com/acts?id=46504 Amendment expands the filing reference to multiple sub sections of the advance tax provision and adds a trigger for penalty where a taxpayer furnishes an advance tax estimate under the newly inserted sub section that the taxpayer knew or had reason to believe was untrue. The penalty is quantified by reference to the shortfall between tax actually paid in the financial year immediately preceding the assessment year and a defined assessed tax benchmark, and an Explanation treats payments made on a Commissioner granted extended date as if paid in that preceding year. en-us Fri, 20 Dec 2024 16:16:26 +0530 Fri, 20 Dec 2024 16:16:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46504 Amendment expands the filing reference to multiple sub sections of the advance tax provision and adds a trigger for penalty where a taxpayer furnishes an advance tax estimate under the newly inserted sub section that the taxpayer knew or had reason to believe was untrue. The penalty is quantified by reference to the shortfall between tax actually paid in the financial year immediately preceding the assessment year and a defined assessed tax benchmark, and an Explanation treats payments made on a Commissioner granted extended date as if paid in that preceding year. Act-Rules F. Acts / Amendment Acts Fri, 20 Dec 2024 16:16:26 +0530 https://www.taxtmi.com/acts?id=46504