Interest for deferment of advance interest-tax: shortfall triggers simple monthly interest for a limited period. Liability arises where advance payments of interest-tax fall short of prescribed proportions of the tax due on returned chargeable interest. If payments by the specified September or December deadlines are below the required twenty per cent or fifty per cent thresholds, the assessee must pay simple interest at the rate of one and one-half per cent per month for three months on the amount of the shortfall.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest for deferment of advance interest-tax: shortfall triggers simple monthly interest for a limited period.
Liability arises where advance payments of interest-tax fall short of prescribed proportions of the tax due on returned chargeable interest. If payments by the specified September or December deadlines are below the required twenty per cent or fifty per cent thresholds, the assessee must pay simple interest at the rate of one and one-half per cent per month for three months on the amount of the shortfall.
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