Section 410 — Credit for advance tax
Old Act equivalent: Section 219 of IT Act 1961 Sub-part: C—Advance payment of tax
Statutory Text
- Any sum, other than a penalty or interest, paid by or recovered from an assessee as advance tax in pursuance of this Part shall be treated as a payment of tax in respect of the income of the tax year in which it was payable, and credit therefor shall be given to such assessee in the regular assessment. D.—Collection and Recovery When tax payable and when assessee deemed in default.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Assessees who have paid advance tax.
- Conditions: Advance tax paid credited against tax assessed on regular assessment.
- Time limits: On regular assessment.
- Monetary limits: Full credit for advance tax paid.
- Exceptions: None.
Cross-References
None identified.
Amendment Notes
None noted from the extracted pages.