Finance Act 1969 amends Section 215: 9% interest on advance tax shortfall under 75% of assessed tax.

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.

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