71. Credit of advance tax.-


71. Credit of advance tax.- 

Any sum, other than a penalty or interest, paid by or recovered from an assessee as advance tax, shall be treated as a payment of tax in respect of the income of the period which would be the income year for an  assessment  for  the  year  next  following  the  year in  which  it  was  payable and shall be given credit for in the assessment of tax payable by the assessee.

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