Section 19
Section 107C of the principal Act is amended—
(a)
by substituting for subsection (8) the following subsection:
“(8) Notwithstanding subsections (1), (3), (4), (5),
(6)
and (7), the Director General may direct such company, trust body or co-operative society to make payment by instalments on account of tax which is
Finance 15
or may be payable by that company, trust body or co-operative society for a year of assessment at such times and of such amounts as the Director General may direct and such account of tax shall be deemed for the purpose of subsection (10) to be the revised estimate of tax payable by that company, trust body or co-operative society for that year of assessment:
Provided that, where the direction is made before the ninth month of the basis period for that year of assessment, that company, trust body or co-operative society may furnish a revised estimate of its tax payable for that year of assessment in accordance with subsection (7).”;
(b)
by deleting subsections (8a) and (8b); and
(c)
in subsection (10), by substituting for the words “revised estimate of tax payable for that year of assessment or if no revised estimate is furnished” the words “revised estimate under subsection (7) or deemed revised estimate under subsection (8), whichever is later, or if no such revised estimate is furnished or there is no such deemed revised estimate”.
amendment of section 111