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of <h1>Section 234C Interest Rate Reduced from 1.5% to 1.25% for Deferred Advance Tax Payments, Effective June 2001.</h1> The Finance Act, 2001 amends Section 234C of the Income-tax Act, effective June 1, 2001. The amendment modifies the interest rate applicable in sub-section (1) of Section 234C. Specifically, in clause (a) sub-clauses (i) and (ii), and clause (b) sub-clauses (i) and (ii), the interest rate is reduced from 'one and one-half percent' to 'one and one-fourth percent.' This change affects the calculation of interest on deferred payment of advance tax.
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