Interest for default in advance tax: assessee must pay monthly simple interest on any shortfall until income determination. Where an assessee liable for advance tax pays less than the required proportion, simple interest is chargeable monthly from the first day of April ... Summary
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Interest for default in advance tax: assessee must pay monthly simple interest on any shortfall until income determination.
Where an assessee liable for advance tax pays less than the required proportion, simple interest is chargeable monthly from the first day of April following the financial year until determination of total income or regular assessment, on the assessed tax or on the amount of shortfall; assessed tax is defined with reductions for tax deducted or collected at source and specified reliefs and credits.
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