Advance tax deferment interest rules expanded to apply to non-corporate assessees and eligible presumptive taxpayers. Amendment aligns the advance tax deferment interest mechanism to apply the company style instalment and simple interest regime to non corporate assessees, prescribes interest where instalments fall short of statutory benchmarks and provides that shortfalls due to under estimation or first time business income recognition under Profits and Gains of Business or Profession are excluded from that interest levy.
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Provisions expressly mentioned in the judgment/order text.
Advance tax deferment interest rules expanded to apply to non-corporate assessees and eligible presumptive taxpayers.
Amendment aligns the advance tax deferment interest mechanism to apply the company style instalment and simple interest regime to non corporate assessees, prescribes interest where instalments fall short of statutory benchmarks and provides that shortfalls due to under estimation or first time business income recognition under Profits and Gains of Business or Profession are excluded from that interest levy.
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