Section - 211 and 234C - Rationalisation relating to
advance tax -
the existing law installment of advance tax are to be paid on the due dates. It
is however provided that an eligible assessee who is subject to presumptive tax
under section 44AD is liable to pay advance tax in a single installment on or
before 15th March every financial year.
scheme of presumptive taxation was extended to professionals by the Finance Act
2016. A similar provision is now proposed to be made in section 44ADA dealing
with presumptive taxation of professionals provided that advance tax can be
paid by them in one installment on or before 15th March.
vide Finance Act,2016 persons deriving income from dividend exceeding Rs.10
lakhs were subjected to tax at the rate of 10%. Appreciating that it may be
difficult for them to correctly determine such liability within the payment
schedule as specified under section 211, it is proposed to provide that such
persons will not be subject to levy of interest on deferment of advance tax if
the shortfall in payment of advance tax is on account of under-estimation or
failure in estimation of income from dividend taxable under section 115BBDA.
amendment has been made in section 234C.
amendment takes effect from 1st April 2017 relevant to assessment