Computation of advance tax.
209. 11[(1) The
amount of advance tax payable by an assessee in the financial year shall,
subject to the provisions of sub-sections (2) and (3), be computed as follows,
namely :—
(a) where the calculation is made by the assessee
for the purposes of payment of advance tax under sub-section (1) or sub-section
(2) or sub-section (5) or sub-section (6) of section
210, he shall first estimate his current income and income-tax thereon
shall be calculated at the rates in force in the financial year;
(b) where the calculation is made by the
Assessing Officer for the purpose of making an order under sub-section (3) of section 210, the total income of the latest previous
year in respect of which the assessee has been assessed by way of regular
assessment or the total income returned by the assessee in any return of income
furnished by him for any subsequent previous year, whichever is higher, shall
be taken and income-tax thereon shall be calculated at the rates in force in
the financial year;
(c) where the calculation is made by the
Assessing Officer for the purpose of making an amended order under sub-section
(4) of section 210, the total income declared in
the return furnished by the assessee for the later previous year, or, as the
case may be, the total income in respect of which the regular assessment,
referred to in that sub-section has been made, shall be taken and income-tax
thereon shall be calculated at the rates in force in the financial year;
(d) the income-tax calculated under clause (a)
or clause (b) or clause (c) shall, in each case, be reduced by
the amount of income-tax which would be deductible 12[or collectible] at
source during the said financial year under any provision of this Act from any
income (as computed before allowing any deductions admissible under this Act)
which has been taken into account in computing the current income or, as the
case may be, the total income aforesaid; and the amount of income-tax as so
reduced shall be the advance tax payable.]
13[(2) Where the Finance
Act of the relevant year provides that, in the case of any class of assessees,
net agricultural income (as defined in that Act) shall be taken into account
for the purposes of computing advance tax, then, the net agricultural income to
be taken into account in the case of any assessee falling in that class, shall
be—
(a) in cases 14[where the
Assessing Officer makes an order under sub-section (3) or sub-section (4) of section 210],—
(i) if the total income of the latest previous year in respect of
which the assessee has been assessed by way of regular assessment forms the
basis of computation of advance tax payable by him, the net agricultural income
which has been taken into account for the purposes of charging income-tax for
the assessment year relevant to that previous year; or
15[(ii) if the total income declared by the assessee
for the later previous year referred to in sub-section (4) of section 210 forms the basis of computation of advance
tax, the net agricultural income as returned by the assessee in the return of
income for the assessment year relevant to such later previous year;]
16[(b) in cases where the advance tax is paid by the
assessee on the basis of his estimate of his current income under sub-section
(1) or sub-section (2) or sub-section (5) or sub-section (6) of section 210, the net agricultural income, as estimated
by him, of the period which would be the previous year for the immediately
following assessment year.]
(3)
Where the Finance Act of the relevant year specifies any separate rate or rates
for the purposes of computing advance tax in the case of every Hindu undivided
family which has at least one member whose total income of the previous year
exceeds the maximum amount not chargeable to income-tax in his case, then, the 17[Assessing] Officer
shall, for making an order under 18[sub-section
(3) or sub-section (4) of] section 210 in the case
of any such Hindu undivided family, compute (subject to the provisions of
section 164) the advance tax at such rate or rates—
(a) in a case where the total income of the latest previous year in
respect of which the Hindu undivided family has been assessed by way of regular
assessment forms the basis of computation of advance tax, if the total income
of any member of the family for the assessment year relevant to such latest
previous year exceeds the maximum amount not chargeable to income-tax in his
case;
(b) in a case where the total income of the previous year 19[in respect of which a
return of income is furnished by the Hindu undivided family under section 139 or in response to a notice under
sub-section (1) of section 142] forms the basis of
computation of advance tax, if the total income of any member of the family for
the assessment year relevant to such previous year exceeds the maximum amount
not chargeable to income-tax in his case.
