Interest under Section 234C applies where presumptive taxpayers' advance tax by 15 March is less than full liability. For assessees under the presumptive taxation scheme of Sections 44AD and 44ADA, interest under Section 234C applies where the advance tax paid on or ... Summary
Interest under Section 234C applies where presumptive taxpayers' advance tax by 15 March is less than full liability.
For assessees under the presumptive taxation scheme of Sections 44AD and 44ADA, interest under Section 234C applies where the advance tax paid on or before 15th March of the financial year is less than the total advance tax payable, making timely full advance tax payment by that date the operative compliance condition to avoid interest on shortfall.
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