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Amendment of section 234C

Clause 89 - Bills - 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, .....

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before the 15th day of June is less than fifteen per cent. of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of September is less than forty-five per cent. of the tax due on the returned income or .....

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a period 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 inco .....

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ided 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 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 inc .....

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the tax due on the returned income , the following shall be substituted, namely:- 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 t .....

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shortfall from the tax due on the returned income: ; (iii) in the first proviso, below clause (b)- (I) in clause (b), for the word and figure section 2 , the words and figure section 2; or shall be substituted; (II) after clause (b), the following cl .....

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clause (b) , the words, brackets and letters or clause (b) or clause (c) shall be substituted. Clause 89 seeks to amend section 234C of the Income-tax Act relating to interest for deferment of advance tax. It is proposed to make consequential amendm .....

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