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of <h1>Assessees face penalties for not meeting advance interest-tax payment thresholds under Section 12B of the Interest-tax Act, 1974.</h1> Under Section 12B of the Interest-tax Act, 1974, if an assessee liable to pay advance interest-tax fails to meet specific payment thresholds by designated dates, they incur a penalty. Specifically, if by September 15, less than 20% of the interest-tax due is paid, or by December 15, less than 50% is paid, the assessee must pay simple interest at 1.5% per month on the shortfall for three months. This provision applies to assessments starting from the financial year beginning April 1, 1992, and onwards.
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