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<h1>Interest on Advance Tax Defaults: Section 234B Explains 1% Monthly Charge for Underpayment or Nonpayment.</h1> Section 234B of the Income Tax Act mandates interest payment for defaults in advance tax payments. An assessee is liable if no advance tax is paid or if it is less than 90% of the assessed tax. Assessed tax is calculated by subtracting various tax reliefs and credits from the determined tax. Interest is charged at 1% per month from April 1 of the assessment year until tax determination or payment. Adjustments to interest may occur due to orders under specific sections, impacting the payable or refundable interest. Additional interest applies if income is disclosed to the Settlement Commission.
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