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SECTION 234C-INTEREST FOR DEFERMENT IN INSTALLMENTS OF ADVANCE TAX

Income Tax - Payment of Taxes and Interest - 10 - SECTION 234C - INTEREST FOR DEFERMENT IN INSTALLMENTS OF ADVANCE TAX Where in any financial year - (a) An assessee, other than an eligible assessee in respect of the eligible business referred u/s 44A .....

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od 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 returned income Simple interest @ 1% p.m. Three months 15% of tax due on returned income minus advance tax paid upto 15th June When .....

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cember is less than 75% of tax due on returned income Simple interest @ 1% p.m. Three months 75% of tax due on returned income minus advance tax paid upto 15th December When advance tax paid on or before 15th March is less than 100% of tax due on ret .....

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of September, is not less than twelve per cent. or, as the case may be, thirty-six per cent. 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 asses .....

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than the tax due on the returned income, then, the assessee shall be liable to pay interest @1% on the amount of the shortfall from the tax due on the returned income Provided that nothing contained in this sub-section shall apply to any shortfall i .....

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