Advance tax interest for instalment shortfalls: monthly simple interest applies to unpaid scheduled payments for companies and other taxpayers. Amendment prescribes staged instalment thresholds for companies and other assessees liable for advance tax; failure to meet each threshold at specified instalment dates results in simple interest charged on the shortfall for the interim period, with simple interest on any remaining shortfall at the final instalment, and a proviso limiting interest on earlier instalments where a lower prescribed minimum has been paid.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Advance tax interest for instalment shortfalls: monthly simple interest applies to unpaid scheduled payments for companies and other taxpayers.
Amendment prescribes staged instalment thresholds for companies and other assessees liable for advance tax; failure to meet each threshold at specified instalment dates results in simple interest charged on the shortfall for the interim period, with simple interest on any remaining shortfall at the final instalment, and a proviso limiting interest on earlier instalments where a lower prescribed minimum has been paid.
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