Penalty rate for delayed advance tax instalments reduced for specified sub-clauses, lowering the levy on missed instalments. Amendment reduces the penalty rate under section 234C by substituting the previous higher rate wording with a lower rate in sub-section (1), specifically in clause (a) sub-clauses (i) and (ii) and clause (b) sub-clauses (i) and (ii), thereby changing the statutory levy applicable to delayed or short-paid advance-tax instalments in those sub-clauses.
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Provisions expressly mentioned in the judgment/order text.
Penalty rate for delayed advance tax instalments reduced for specified sub-clauses, lowering the levy on missed instalments.
Amendment reduces the penalty rate under section 234C by substituting the previous higher rate wording with a lower rate in sub-section (1), specifically in clause (a) sub-clauses (i) and (ii) and clause (b) sub-clauses (i) and (ii), thereby changing the statutory levy applicable to delayed or short-paid advance-tax instalments in those sub-clauses.
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