Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
- 🔍 Narrow down results with higher precision
Try it now in Case Laws →
TaxTMI Login
🚀 New Feature Launched ✕
Just a moment...
Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Act 1969 amends Section 215: 9% interest on advance tax shortfall under 75% of assessed tax.</h1> Section 215 of the Income-tax Act has been amended by the Finance Act, 1969, effective from April 1, 1970. The amendment revises sub-section (1) to impose a 9% annual interest on the shortfall when an assessee's advance tax, based on their estimate, is less than 75% of the assessed tax. Sub-section (2) is modified to replace 'seventy-five per cent' with 'the assessed tax.' A new sub-section (5) defines 'assessed tax' as the tax determined on regular assessment, excluding certain deductions, and not affected by tax rate changes in the Finance Act for that year.
TaxTMI 
TaxTMI 
