Delay penalty rate revised for instalment defaults, reducing the prescribed surcharge for deferred tax instalments under section 234C. Amendment to section 234C substitutes a reduced percentage rate in sub section (1): clause (a) sub clauses (i) and (ii), and clause (b) sub clauses (i) and (ii), changing the previously prescribed rate to a lower prescribed rate for calculation of the surcharge/penalty on delayed or short payment of advance tax instalments, effective from the 1st day of June, 2001.
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Provisions expressly mentioned in the judgment/order text.
Delay penalty rate revised for instalment defaults, reducing the prescribed surcharge for deferred tax instalments under section 234C.
Amendment to section 234C substitutes a reduced percentage rate in sub section (1): clause (a) sub clauses (i) and (ii), and clause (b) sub clauses (i) and (ii), changing the previously prescribed rate to a lower prescribed rate for calculation of the surcharge/penalty on delayed or short payment of advance tax instalments, effective from the 1st day of June, 2001.
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