Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Bill 2025: Clause 424 imposes 1% monthly interest on advance tax payment defaults below 90% of assessed tax.</h1> Clause 424 of the Income Tax Bill, 2025, mandates that an assessee must pay simple interest at 1% per month for defaults in advance tax payments. This applies if the assessee either fails to pay advance tax or pays less than 90% of the assessed tax. Interest accrues from April 1 following the tax year until the total income is determined or a regular assessment is completed. The assessed tax is adjusted for tax deductions, reliefs, and credits. Reassessments or recomputations may alter the interest amount, and any changes are communicated via a notice of demand or refunded if reduced.
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