Amended and updated notes on section 211 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Instalments of advance tax and due dates.
Chapter XVII (Sections 190 to 234G) of the Income Tax Act 1961 deals with the provisions related to collection and recovery of tax. Section 211 of IT Act 1961 provides for Instalments of advance tax and due dates.
Recently, we have discussed in detail section 210 (Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer) of IT Act 1961. Today, we learn the provisions of section 211 of Income-tax Act 1961. The amended provision of section 211 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 211 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-211: Instalments of advance tax and due dates
Section 211(1) of Income Tax Act
Advance tax on the current income calculated in the manner laid down in section 209 shall be payable by—
(a) all the assessees, other than the assessee referred to in clause (b), who are liable to pay the same, in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in the Table below:
TABLE
| Due date of instalment | Amount payable |
|---|---|
| On or before the 15th June | Not less than fifteen per cent of such advance tax. |
| On or before the 15th September | Not less than forty-five per cent of such advance tax, as reduced by the amount, if any, paid in the earlier instalment. |
| On or before the 15th December | Not less than seventy-five per cent of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments. |
| On or before the 15th March |
(b) an assessee who declares profits and gains in accordance with the provisions of sub-section (1) of section 44AD or sub-section (1) of section 44ADA, as the case may be, to the extent of the whole amount of such advance tax during each financial year on or before the 15th March:
Provided that any amount paid by way of advance tax on or before the 31st day of March shall also be treated as advance tax paid during the financial year ending on that day for all the purposes of this Act.
Section 211(2) of Income Tax Act
If the notice of demand issued under section 156 in pursuance of an order of the Assessing Officer under sub-section (3) or sub-section (4) of section 210 is served after any of the due dates specified in sub-section (1), the appropriate part or, as the case may be, the whole of the amount of the advance tax specified in such notice shall be payable on or before each of such of those dates as fall after the date of service of the notice of demand.