TaxTMI 
TaxTMI 
what is the consequence of default in payment of advance tax ? is any other penalty is charged on default in payment except interest payment ?
advance tax
hetal dama
Understanding Consequences of Defaulting on Advance Tax: Interest Only or Penalties Too Under Sections 234B and 234C? A query was raised regarding the consequences of defaulting on advance tax payments, specifically whether penalties beyond interest charges apply. One response clarified that no penalties are imposed, only interest under sections 234B and 234C of the Income Tax Act. Another response indicated that while interest is typically charged, penalties may apply depending on the nature of the default, as prescribed by the relevant sections of the Income Tax Act. The discussion focused on the implications of failing to pay advance tax as directed by the Assessing Officer or estimated by the taxpayer. (AI Summary)