TMI BlogInterest for deferment in instalments of Advance Tax - Section 234CX X X X Extracts X X X X X X X X Extracts X X X X ..... section 208 has failed to pay such tax or has made late payment of advance tax, then asessee shall pay the interest u/s 234C as under:- Circumstances in which interest is payable u/s 234C Rate of interest Period Amount on which interest is to be paid When advance tax paid on or before 15th June is less than 15% of tax due on retur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome minus advance tax paid upto 15th March However, if the advance tax paid by the assessee on the current income, on or before the 15th day of June or the 15th day of September, is not less than 12% or, as the case may be, 36% of the tax due on the returned income, then, the assessee shall not be liable to pay any interest on the amount of the shortfall on those dates. (b) An a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or profession in cases where the income accrues or arises under the said head for the first time or (d) income of the nature referred to u/s 115BBDA(1) - Dividend Income Note: Tax due on Returned Income means Tax on total income declared in ROI XX Less : ..... X X X X Extracts X X X X X X X X Extracts X X X X
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