Interest calculation on provisional assessments changes where advance tax payments fall short of the required payment threshold. Amendment prescribes that interest is calculated up to the date tax is paid when payment occurs before completion of a regular assessment; thereafter interest is charged at the prescribed rate on the amount by which tax paid, insofar as it relates to advance tax, falls short of the required payment threshold.
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Interest calculation on provisional assessments changes where advance tax payments fall short of the required payment threshold.
Amendment prescribes that interest is calculated up to the date tax is paid when payment occurs before completion of a regular assessment; thereafter interest is charged at the prescribed rate on the amount by which tax paid, insofar as it relates to advance tax, falls short of the required payment threshold.
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