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of <h1>Amendment to Section 234C: Interest Penalties for Insufficient Advance Tax Payments by Companies and Non-Company Assessees</h1> Section 234C of the Income-tax Act has been amended to specify interest penalties for companies and other assessees failing to pay sufficient advance tax. For companies, if advance tax payments by specified dates fall below certain percentages of the tax due, they incur a 1.5% monthly interest on the shortfall. For non-company assessees, similar penalties apply if payments are below 30% or 60% by certain dates. However, companies meeting minimum thresholds by June or September are exempt from interest on shortfalls for those periods. These changes take effect from April 1, 1995.
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