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of <h1>Amendment to Section 234C: New Interest Rules for Advance Tax Shortfalls Starting June 1, 2016, Under Finance Bill 2016.</h1> Clause 89 of the Finance Bill, 2016, amends section 234C of the Income-tax Act, effective June 1, 2016. It revises the interest provisions for deferment of advance tax payments. For assessees, excluding those under section 44AD, interest is charged if advance tax payments fall short of specified percentages by certain dates. Specifically, if payments by March 15 are less than the tax due, a 1% monthly interest applies. The clause also exempts shortfalls due to first-time income under 'Profits and gains of business or profession.' These changes align interest levies for non-company assessees with those for companies.
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