Advance tax interest: shortfall in advance payments triggers simple interest from the next financial year until regular assessment.

Amendment imposes simple interest where advance tax paid on the assessee's estimate is less than seventy-five per cent of the assessed tax, with interest running from the first day of April following the financial year until the date of regular assessment on the shortfall; it also replaces references to the seventy-five per cent. threshold with reference to the assessed tax and defines assessed tax as the tax determined on regular assessment reduced by amounts deductible under payroll and specified withholding provisions, limited to income subject to advance tax and excluding variations due to statutory rate changes.

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