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of <h1>Finance Act 2016 amends Section 234C: New interest rules for advance tax shortfalls effective June 1, 2016.</h1> Section 234C of the Income-tax Act was amended by the Finance Act, 2016, effective June 1, 2016. The amendment revised the interest liability for assessees failing to pay sufficient advance tax. For non-eligible businesses, if advance tax paid by June 15, September 15, or December 15 is less than 15%, 45%, or 75% of the tax due, respectively, a 1% monthly interest applies for three months. By March 15, if the advance tax is less than the tax due, a 1% interest applies on the shortfall. Eligible businesses under section 44AD have similar provisions, with specific conditions for first-time business income.
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