https://www.taxtmi.com/acts?id=6594 An assessee who fails to pay interest-tax in advance or pays less than ninety per cent of the assessed interest-tax is liable to pay simple interest at the rate of two per cent per month from the 1st April following the financial year until determination of chargeable interest, calculated on the assessed interest-tax or on the shortfall. Payments made before completion of assessment reduce interest up to the payment date and leave interest on any remaining shortfall; reassessment or appellate orders increase or reduce interest accordingly, with demand notices for increases and refunds for excess. en-us Sat, 19 Jan 2008 22:45:54 +0530 Fri, 06 Mar 2009 17:23:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=6594 An assessee who fails to pay interest-tax in advance or pays less than ninety per cent of the assessed interest-tax is liable to pay simple interest at the rate of two per cent per month from the 1st April following the financial year until determination of chargeable interest, calculated on the assessed interest-tax or on the shortfall. Payments made before completion of assessment reduce interest up to the payment date and leave interest on any remaining shortfall; reassessment or appellate orders increase or reduce interest accordingly, with demand notices for increases and refunds for excess. Act-Rules Direct Taxes Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=6594