Interest on advance tax shortfall applies from the April following the year until regular assessment for estimate failures or underpayments. The amendment creates interest liabilities for failure to furnish advance tax estimates or for underpayment: interest at nine per cent per annum runs from the 1st day of April after the relevant financial year until regular assessment. If no estimate is furnished, interest is charged on the amount equal to the assessed tax; if an estimate under the alternate provision is omitted, interest is charged on the shortfall between advance tax paid and the assessed tax.
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Provisions expressly mentioned in the judgment/order text.
Interest on advance tax shortfall applies from the April following the year until regular assessment for estimate failures or underpayments.
The amendment creates interest liabilities for failure to furnish advance tax estimates or for underpayment: interest at nine per cent per annum runs from the 1st day of April after the relevant financial year until regular assessment. If no estimate is furnished, interest is charged on the amount equal to the assessed tax; if an estimate under the alternate provision is omitted, interest is charged on the shortfall between advance tax paid and the assessed tax.
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