Income Tax Act, 2025
Section 8: Subs. by Act 23 of 2004, s. 58, for “fails to comply” (w.e.f. 12004).
8. Subs. by Act 23 of 2004, s. 58, for “fails to comply” (w.e.f. 12004).
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1[273. False estimate of, or failure to pay, advance tax.—2[(1) If the 3[Assessing Officer], in the
course of any proceedings in connection with the regular assessment for any assessment year, is satisfied
that any assessee—
(a) has furnished under clause (a) of sub-section (1) of section 209A a statement of the advance
tax payable by him which he knew or had reason to believe to be untrue, or
(b) has 4*** failed to furnish a statement of the advance tax payable by him in accordance with
the provisions of clause (a) of sub-section (1) of section 209A,
he may direct that such person shall, in addition to the amount of tax, if any, payable by him, pay by way
of penalty a sum—
(i) which, in the case referred to in clause (a), shall not be less than ten per cent but shall not
exceed one and a half times the amount by which the tax actually paid during the financial year
immediately preceding the assessment year under the provisions of Chapter XVIIC falls short of—
(1) seventy-five per cent. of the assessed tax as defined in sub-section (5) of section 215, or
(2) the amount which would have been payable by way of advance tax if the assessee had
furnished a correct and complete statement in accordance with the provisions of clause (a) of
sub-section (1) of section 209A,
whichever is less;
(ii) which, in the case referred to in clause (b), shall not be less than ten per cent. but shall not
exceed one and a half times of seventy-five per cent. of the assessed tax as defined in
sub-section (5) of section 215]:
5[Provided that in the case of an assessee, being a company, the provisions of this sub-section shall
have effect as if for the words “seventy-five per cent.”, at both the places where they occur, the words
“eighty-three and one-third per cent.” had been substituted.]
6[(2)] If the 3[Assessing Officer], in the course of any proceedings in connection with the regular
assessment for the assessment year commencing on the 1st day of April, 1970, or any subsequent
assessment year, is satisfied that any assessee—
If the 3[Assessing Officer], in the
course of any proceedings in connection with the regular assessment for any assessment year, is satisfied
that any assessee—
has furnished under clause
of sub-section
of section 209A a statement of the advance
tax payable by him which he knew or had reason to believe to be untrue, or
has 4*** failed to furnish a statement of the advance tax payable by him in accordance with
the provisions of clause
of sub-section
of section 209A,
he may direct that such person shall, in addition to the amount of tax, if any, payable by him, pay by way
of penalty a sum—
which, in the case referred to in clause
seventy-five per cent. of the assessed tax as defined in sub-section
of section 215, or
the amount which would have been payable by way of advance tax if the assessee had
furnished a correct and complete statement in accordance with the provisions of clause
of
sub-section
of section 209A,
whichever is less;
which, in the case referred to in clause
of section 215]:
5[Provided that in the case of an assessee, being a company, the provisions of this sub-section shall
have effect as if for the words “seventy-five per cent.”, at both the places where they occur, the words
“eighty-three and one-third per cent.” had been substituted.]
6[