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of <h1>Advance Tax Shortfall Triggers 1% Monthly Interest from April 1 Under Section 234B Rules</h1> An assessee liable to pay advance tax who fails to pay it or pays less than 90% of the assessed tax must pay simple interest at 1% per month from April 1 following the financial year until the date of income determination or regular assessment on the shortfall amount. Assessed tax excludes certain tax credits and reliefs. Interest calculation adjusts if tax is paid before assessment completion, with interest credited for prior payments. Additional interest applies on increased tax amounts from reassessment, recomputation, or settlement orders. Interest adjustments are made for subsequent orders increasing or reducing tax liability, with notices issued for increased interest and refunds for excess payments. These provisions apply to assessments from the year starting April 1, 1989, onward.
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