Interest-tax Act : Advance payment of interest-tax. Indian Bare Acts :

Interest-tax Act,1974

Act No : 45

Section : Advance payment of interest-tax.

11. Advance payment of interest-tax. ((1). Interest-tax shall be payable in advance during the --------- year in respect of the chargeable interest for the assessment year immediately following that financial year in accordance ---- the provision of this section. (2) Interest-tax shall be payable in advance in three instalments during each financial year, the due date of, and the amount payable in, each such instalment being as specified in the following Table: TABLE ---------------------------------------------------------------------- Due date of instalment Amount payable --------------------------------------------------------------------- On or before the 15th September Not less than twenty per cent. of such interest-tax payable in advance. On or before the 15th December Not less than fifty per cent. of such interest-tax payable in advance, as reduced by the amount, if any, paid in the earlier instalment. On or before the 15th March The whole amount of such interest- tax payable in advance as reduced by the amount or amount, if any, paid in the earlier instalment or instalments ---------------------------------------------------------------------- 1 Subs. by Act 49 of 1991, s. 98 (w.e.f. 1-10-1991). 2 Subs. by s.99, ibid. (w.e.f. 1-10-1991). 3 Subs. by s.100, ibid. (w.e.f. 1-10-1991). 4 Subs. by s.101, ibid. (w.e.f. 1-10-1991). --------------------------------------------------------------------- 602