Report No. 12
227. Credit for advance tax.-
Any sum, other than a penalty or interest, paid by or recovered from an assessee in pursuance of the provisions of sections 215 to 226 [all sections embodying any part of section 18A(1) to 18A(10)] shall be treated as a payment of tax in respect of the income of the period which would be the previous year for an assessment for the assessment year next following the financial year in which it was payable, and credit therefore shall be given to the assessee in the regular assessment.
[Section 18A(11)]
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