https://www.taxtmi.com/forum/issue?id=2501 Advance tax default results primarily in an interest liability for delayed or shortfall payment; advisory guidance notes interest is the standard consequence. Penalties are not automatically imposed for failure to pay advance tax, but may be levied depending on the nature of the default and pursuant to statutory penalty provisions prescribing minimum and maximum limits. en-us Thu, 16 Dec 2010 18:11:32 +0530 Thu, 23 Jan 2025 15:58:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=2501 Advance tax default results primarily in an interest liability for delayed or shortfall payment; advisory guidance notes interest is the standard consequence. Penalties are not automatically imposed for failure to pay advance tax, but may be levied depending on the nature of the default and pursuant to statutory penalty provisions prescribing minimum and maximum limits. Discussion-Forum Income Tax Thu, 16 Dec 2010 18:11:32 +0530 https://www.taxtmi.com/forum/issue?id=2501