Section 409 — When assessee is deemed to be in default
Old Act equivalent: Section 218 of IT Act 1961 Sub-part: C—Advance payment of tax
Statutory Text
- A person shall be deemed to be an assessee in default, if such person—
(a) does not pay on the date specified in section 408, any instalment of the advance tax that he is required to pay by an order of the Assessing Officer under section 407(1) and (4); or
(b) does not send to the Assessing Officer an intimation under section 407(8) on or before the date on which any such instalment as is not paid becomes due; or
(c) does not pay on the basis of his estimate of his current income, the ad vance tax payable by him under section 407(9), in respect of such instalment or instalments. Credit for advance tax.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Assessees who have paid advance tax less than assessed tax.
- Conditions: Advance tax paid is less than tax determined on regular assessment.
- Time limits: On completion of assessment.
- Monetary limits: Shortfall between advance tax paid and assessed tax.
- Exceptions: None.
Cross-References
Amendment Notes
None noted from the extracted pages.