TaxTMI 
TaxTMI 
A company has paid the first installment(full 15%) by June 17th, instead of the stipulated June 15th. I'd like to know whether the Interest payable u/s 234C should be calculated using '3' months or only '1'month, since the delay is only 3 days.
Section 234C - An Interesting One.
22 Mar 2012 
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Interest under Section 234C: compute liability for the actual period of default, not the entire instalment period.
Under Section 234C, interest on delayed advance tax instalments is chargeable for the actual period of default rather than for the entire instalment period; a short delay beyond the due date requires computation of interest only for the days of delay, not the full subsequent instalment window, as supported by cited precedent. (AI Summary)
Under Section 234C, interest on delayed advance tax instalments is chargeable for the actual period of default rather than for the entire instalment period; a short delay beyond the due date requires computation of interest only for the days of delay, not the full subsequent instalment window, as supported by cited precedent. (AI Summary)
