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of <h1>Section 234C: Interest at 1% Monthly for Advance Tax Shortfalls and Exceptions for Certain Incomes</h1> Where an assessee liable for advance tax pays less than prescribed proportions of tax by specified dates, Section 234C levies simple interest at 1% per month: shortfalls below 15% by 15 June, 45% by 15 September, or 75% by 15 December attract interest for three months on the shortfall; any shortfall by 15 March attracts 1% on the remaining shortfall. Presumptive taxpayers under sections 44AD/44ADA face interest at 1% on shortfall by 15 March. Exceptions relieve interest for under-estimates of certain capital gains, specified incomes, first-time business/professional income or dividend if tax on such income is paid by 31 March. 'Tax due on returned income' is defined net of specified credits and reliefs.
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