(1) Every company which is liable to pay advance tax under Section 210orSection 212 of the Income-tax Act during the financial year commencing on the 1st day of April, 1971, shall, in addition to the advance tax so payable, pay to the credit of the Central Government on or before the 15th day of March, 1972, a further sum, by way of surcharge on income-tax, calculated at the rate of two and one-half per cent, of the amount specified in sub-section (2).
(2) The amount referred to in sub-section (1) shall be—
(i) in a case where advance tax is required to be paid by an order under sub -section (1) or sub-section (3) of Section 210 of the Income-tax Act, the amount specified in such order;
(ii) in a case where advance tax is payable under sub-section (1) or sub- section (2) or sub -section (3) or sub - section (3A) of Section 212 of the Income-tax Acton the basis of the estimate furnished by the company, the amount of advance tax so payable.
(3) Any sum required to be paid by a company as surcharge on income- tax under sub-section (1) shall be paid without any notice of demand to the company in that behalf from the Income-tax Officer.
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