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of <h1>Penalty for False or Missing Advance Tax Statements Under Income Tax Act Section 234C</h1> If an assessee knowingly furnishes a false statement or fails to furnish a statement or estimate of advance tax as required under the Income Tax Act, the Assessing Officer may impose a penalty in addition to the tax payable. The penalty ranges from a minimum of ten percent to a maximum of one and a half times the shortfall amount between the tax actually paid and a specified percentage of the assessed tax, generally seventy-five percent or eighty-three and one-third percent in the case of companies. This provision applies to regular assessments from the assessment year commencing on or after April 1, 1970, and earlier years as applicable. The penalty aims to enforce accurate advance tax payments and deter underreporting or non-payment of advance tax by taxpayers, including firms assessed under specific provisions.
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