Delay penalty rate revised for instalment defaults, reducing the prescribed surcharge for deferred tax instalments under section 234C. Amendment to section 234C substitutes a reduced percentage rate in sub section (1): clause (a) sub clauses (i) and (ii), and clause (b) sub clauses (i) ... Summary
Delay penalty rate revised for instalment defaults, reducing the prescribed surcharge for deferred tax instalments under section 234C.
Amendment to section 234C substitutes a reduced percentage rate in sub section (1): clause (a) sub clauses (i) and (ii), and clause (b) sub clauses (i) and (ii), changing the previously prescribed rate to a lower prescribed rate for calculation of the surcharge/penalty on delayed or short payment of advance tax instalments, effective from the 1st day of June, 2001.
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