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of <h1>Assessing Officer can impose 15% annual interest under Section 216 for advance tax under-estimation or wrongful deferment</h1> Section 216 of the Income Tax Act, 1961 empowers the Assessing Officer to impose simple interest at fifteen percent per annum on assessees who either under-estimate advance tax payable under sections 209A or 212, thereby reducing amounts in the first two instalments, or wrongly defer advance tax payment under section 213. Interest is calculated on the deficient amount for the period of deficiency in under-estimation cases, and for the deferral period in wrongful deferment cases. The provision includes an explanation that instalments due before six months from the commencement of the previous year are deemed due fifteen days after the six-month period expires. This section serves as a penalty mechanism to ensure accurate advance tax estimation and timely payment compliance.
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