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of <h1>Section 12A: Pay 2% Monthly Interest for Underpaid Advance Interest-Tax; Applies to Assessments from April 1, 1992</h1> Section 12A of the Interest-tax Act, 1974, mandates that if an assessee liable to pay interest-tax in advance fails to do so, or pays less than 90% of the assessed tax, they must pay a simple interest of 2% per month from April 1 of the following financial year until the chargeable interest is determined. This interest is calculated on the shortfall amount. If reassessment increases the interest-tax, additional interest is levied. Changes due to orders under specified sections may adjust the interest payable, with provisions for demand notices or refunds as applicable. This applies to assessments from April 1, 1992, onwards.
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