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of <h1>Finance Bill 2021 amends section 234C, exempting dividend income from interest on deferred advance tax payments.</h1> Clause 53 of the Finance Bill, 2021, amends section 234C of the Income-tax Act, which deals with interest on deferred advance tax payments. The amendment modifies the first proviso of sub-section (1) to include dividend income, alongside capital gains, as a category exempt from interest charges when there is a shortfall in advance tax due to underestimation or failure to estimate such income. Additionally, Explanation 2 is introduced to define 'dividend,' excluding sub-clause (e) of clause (22) of section 2. These changes are effective from April 1, 2021, applicable to the assessment year 2021-2022 onwards.
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