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of <h1>Section 234B: 1% monthly interest on advance tax shortfall from April 1 until income determination or assessment completion</h1> Where an assessee liable for advance tax fails to pay or pays less than 90% of assessed tax, simple interest at 1% per month or part-month accrues from 1 April following the tax year until determination of total income or completion of regular assessment, on the shortfall or assessed tax as applicable. Assessed tax is the tax on total income less specified deductions, reliefs and tax credits. Payments made before determination reduce interest up to payment date and thereafter on remaining shortfall. Reassessment or other specified orders that alter the shortfall increase or decrease interest accordingly; increases trigger a demand notice and reductions entitle to refund.
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