Credit for advance tax.219.
Any sum, other than a penalty or interest, paid by or recovered from an assessee
as advance tax
in pursuance of this Chapter 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 therefor shall be given to the assessee in the regular assessment.