Section 425 Income Tax Act 2025 Interest for deferment of advance tax. 425. (1) Where in any tax year, an assessee, liable to pay advance tax under section 404, other than the assessee mentioned in sub-section (3), has failed to pay such tax, or the advance tax paid by the assessee on its current income on or… Read More »
Section 423 Income Tax Act 2025 E.-Interest chargeable in certain cases Interest for defaults in furnishing return of income. 423. (1) Where the return of income for any tax year is furnished after the due date or is not furnished, the assessee shall be liable to pay simple interest as per the following formula:— I= 1%… Read More »
Section 406 Income Tax Act 2025 Payment of advance tax by assessee on his own accord. 406. (1) Every person, who is liable to pay advance tax under section 404 (whether or not he has been previously assessed by way of regular assessment) shall, on his own accord, pay advance tax on the specified sum, calculated in the… Read More »
Section 408 Income Tax Act 2025 Instalments of advance tax and due dates. 408. (1) All the assessees who are liable to pay advance tax, other than the assessee referred to in sub-section (2), shall pay the same on the current income calculated in the manner laid down in section 405 in four instalments during each financial year… Read More »
Section 405 Income Tax Act 2025 Computation of advance tax. 405. (1) The amount of advance tax payable by an assessee under section 404, on his own accord under section 406, or in pursuance of an order of an Assessing Officer under section 407, in the Financial year shall, subject to the provisions of sub-section (2), be computed as… Read More »
Section 374 Income Tax Act 2025 Interpretation of “High Court”. 374. For the purposes of this Chapter, “High Court” means,— (i) for any State, the High Court for that State; (ii) for the Union territory of Jammu and Kashmir, the High Court of Jammu and Kashmir and Ladakh; (iii) for the Union territory of Ladakh, the… Read More »
Section 372 Income Tax Act 2025 Exclusion of time taken for copy. 372. In computing the period of limitation prescribed for an appeal or an application under this Act, the day on which the order complained of was served and, if the assessee was not provided with a copy of the order when the notice of… Read More »
Section 399 Income Tax Act 2025 Processing. 399. (1) All statements of tax deducted at source or tax collected at source including a correction statement shall be processed in the following manner:— (a) the amounts deductible or collectible under this Chapter shall be computed after making the following adjustments:— (i) any arithmetical error in the statement;… Read More »
Section 398 Income Tax Act 2025 Section 398 Income Tax Act 2025 Consequences of failure to deduct or pay or, collect or pay. 398. (1) If a person, including the principal officer of a company,— (a) who is required to deduct or collect any amount under this Act; or (b) referred to in section 392(2)(a), being an… Read More »
Section 394 Income Tax Act 2025 Collection of tax at source. Section 394 Income Tax Act 2025 Collection of tax at source. Collection of tax at source. 394. (1) Every person, as specified in column C of the Table below shall collect tax— (a) on receipts specified in column B; (b) at the rate as specified… Read More »