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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 234C excludes certain tax shortfalls from penalty if paid by specified deadlines</h1> Section 234C of the Income-tax Act is amended to exclude certain shortfalls in tax payment from its provisions. Specifically, shortfalls arising from limiting deductions under section 32(1)(ii) and increases in surcharge rates under the Finance Act, 1990, as amended, are exempted if the taxpayer pays the shortfall within specified deadlines. For domestic companies, payments related to deduction limits must be made with the immediately due advance tax installment, and surcharge-related shortfalls by November 15, 1990. For non-domestic companies, deduction-related shortfalls must be paid with the immediately due installment, and surcharge-related shortfalls by March 15, 1991. This amendment clarifies the timing and conditions under which certain shortfalls do not attract penalties under section 234C.
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