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of <h1>Understanding Section 234C: Interest on Shortfall in Advance Tax Payments and Key Due Dates for Compliance</h1> Interest under section 234C of the Income Tax Act is payable when advance tax payments fall short of specified percentages of the assessed tax by certain due dates. If the advance tax paid by June 15 is less than 12% of the assessed tax, interest is calculated for 3 months on 15% of the assessed tax minus the tax deposited. Similar calculations apply for September 15 (36% threshold), December 15 (75% threshold), and March 15 (100% threshold), with interest periods of 3 months for the first three dates and 1 month for March 15.
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