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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 44AD, who is liable to pay advance tax under section 208 has failed to pay such tax or has made late payment of advance tax, then asessee shall pay the interest u/s 234Cas under:- Circumstances in which interest is payable u/s 234C Rate of interest Peri .....

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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 returned income Simple interest @ 1% p.m. One month 100% of tax due on returned income minus advance tax paid upto 15th March Provided that if the advance tax paid by the assessee on the current income, on or before the 15th day of June or the 15th day .....

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