Interest rate adjustment for advance tax defaults reduces the statutory interest applied under the Advance Tax default provision. Amendment reduces the interest rate applied to liability for shortfall or default in advance tax under section 234B by substituting the prior higher percentage with a lower fixed percentage in sub-sections (1) and (3), modifying the rate used to compute interest on unpaid or short-paid advance tax while leaving the provision's triggering mechanism unchanged.
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Interest rate adjustment for advance tax defaults reduces the statutory interest applied under the Advance Tax default provision.
Amendment reduces the interest rate applied to liability for shortfall or default in advance tax under section 234B by substituting the prior higher percentage with a lower fixed percentage in sub-sections (1) and (3), modifying the rate used to compute interest on unpaid or short-paid advance tax while leaving the provision's triggering mechanism unchanged.
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