https://www.taxtmi.com/acts?id=6543 Liability arises where advance payments of interest-tax fall short of prescribed proportions of the tax due on returned chargeable interest. If payments by the specified September or December deadlines are below the required twenty per cent or fifty per cent thresholds, the assessee must pay simple interest at the rate of one and one-half per cent per month for three months on the amount of the shortfall. en-us Sat, 19 Jan 2008 22:45:54 +0530 Sat, 19 Jan 2008 22:45:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=6543 Liability arises where advance payments of interest-tax fall short of prescribed proportions of the tax due on returned chargeable interest. If payments by the specified September or December deadlines are below the required twenty per cent or fifty per cent thresholds, the assessee must pay simple interest at the rate of one and one-half per cent per month for three months on the amount of the shortfall. Act-Rules Direct Taxes Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=6543