Amendment of section 12

Section 16 of the Finance Act, 1969 deals with amendment of section 12. Amendment of section 12 16. In section 212 of the Income-tax Act,— (a) for sub-section (1), the following sub-section shall be substituted, namely;— "(1) If any assessee who is required to pay advance tax by an order under section 210 estimates at any time before the last instalment of advance tax i The Act was enacted on 13 May 1969.

Amendment of section 12

16. In section 212 of the Income-tax Act,—

(a) for sub-section (1), the following sub-section shall be substituted, namely;—

"(1) If any assessee who is required to pay advance tax by an order under section 210 estimates at any time before the last instalment of advance tax is due in his case that, by reason of his, total income (exclusive of capital gains, if any) of the period which would be the previous year for the immediately following assessment year (such total income being, hereafter in this section, referred to as current income) being likely to be less than the income on which the advance tax payable by him under section 210 has been computed or for any other reason, the advance tax payable by him would be less than the amount which he is so required to pay, he may, at his option, send to the Income-tax Officer an estimate of---

(i) the current income, and

(ii) the advance tax payable by him on the current income calculated in the manner laid down in section 209, and shall pay such amount of advance tax as accords with his estimate in equal instalmentsi on such of the dates applicable in his case under section 211 as have not expired or in one sum if only the last of such dates has not expired.";

(b) for sub-section (3), the following sub-sections shall be substituted, namely:—

"(3) Any person who has not previously been assessed by way of regular assessment under this Act or under the Indian Income-tax Act, 1922 (11 of 1922), shall, in each financial year, before the date on which the last instalment of advance tax is due in his case under sub-section (1) of section 211, if his current income is likely to exceeds the amount specified in sub-section: (2) of section 208, send to the Income-tax Officer an estimate of—

(i) the current income, and

(ii) the advance tax payable by him on the current income calculated in the manner laid down in section 209,

and shall pay such amount of advance tax as accords with his estimate on such of the dates applicable in his case under section 211 as have not expired, by instalments which may be revised according to sub-section (2).

(3A) In the case of any assessee who is required to pay advance tax by anorderv under section 210, if, by reason, of the current income being likely to be greater than the income on which the advance tax payable by him under section 210 has been computed or for any other reason, the amount of advance tax computed in the manner laid down in section 209 on the current income (which shall be estimated by the assessee) exceeds the amount of advance tax demanded from him under section 210 by more than 33-113 per cent. of the latter amount, he shall, at any time before the date on which the last instalment of advance tax is due from him, send to the Income-tax Officer an estimate of—

(i) the current income, and

(ii) the advance tax payable by him on the current income calculated in the manner laid down in section 209,

and shall pay such amount of advance tax as accords with his estimate on such of the dates applicable in his case under section 211 as have not expired, by instalments which may be revised according to sub-section (2).".

[Finance Act, 1969]

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Section 16, The Finance Act, 1969 (Act 14 of 1969).