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of <h1>Interest rules under Section 234C for advance tax shortfalls: staged 3% and 1% rates, exemptions and exceptions</h1> Where an assessee liable to pay advance tax fails to pay required instalments, interest is charged on the shortfall against staged due dates: 3% on shortfalls to 15 June, 15 Sept and 15 Dec, and 1% on shortfall to 15 March. No interest arises if payments by 15 June and 15 Sept reach specified minimums (12% and 36% of tax due on returned income). Special 1% simple interest applies where specified presumptive/profit-declaration provisions or full-year shortfall exist. No interest for shortfalls caused by underestimation or late estimation of certain incomes (capital gains, specified income heads, first-time business income, dividends) provided tax on that income is paid in later instalments or by 31 March. 'Tax due on returned income' is defined net of specified credits, deductions and reliefs.
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