Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Assessee must pay 1% monthly interest for failing to pay 90% of assessed advance income tax.</h1> An assessee who defaults in paying advance income tax is liable to pay simple interest at 1% per month. This applies if the assessee fails to pay the tax or pays less than 90% of the assessed tax. Interest is calculated from April 1 following the financial year until the total income is determined or assessed. The interest amount is based on the assessed tax minus the advance and any self-assessment tax paid. Adjustments to interest are made for reassessments, rectifications, or appellate orders. The Assessing Officer will issue a notice for any increase in interest, and excess interest paid will be refunded if reduced.
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