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of <h1>Assessee must pay 1% monthly interest on advance tax shortfall from April 1 under Section 234B until income determination.</h1> If an assessee liable for advance tax fails to pay it or pays less than 90% of the assessed tax, the assessee must pay simple interest at 1% per month (or part) from April 1 following that tax year until the date of determination of total income and, if applicable, until completion of regular assessment, on the shortfall or assessed tax. Assessed tax is reduced by tax deducted/collected at source and specified reliefs and foreign tax credits. Interest is adjusted where tax is paid before determination, increased where reassessment raises the shortfall (with demand notice), and reduced refunds are made if interest liability is lowered by later orders.
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