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Amendment of section 234C

Clause 89 - DIRECT TAXES - Bill - Clause 89 - 89. In section 234C of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 2016,- (i) for clause (a), the following clause shall be substituted, namely:- (a) an assessee, other than an eligible assessee in respect of the eligible business referred to in section 44AD, who is liable to pay advance tax under section 208 has failed to pay such tax or- (i) the advance tax paid by such assessee on its current income on or before t .....

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of three months on the amount of the shortfall from fifteen per cent. or forty-five per cent. or seventy-five per cent., as the case may be, of the tax due on the returned income; (ii) the advance tax paid by the assessee on the current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent. on the amount of the shortfall from the tax due on the returned income: Provided tha .....

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