https://www.taxtmi.com/caselaws?id=471966 Advance-tax obligations require taxpayers to estimate savings-bank interest that is accrued, received and ascertainable during the year through regular quarterly credits. Interest for default in payment of advance tax applies to such income because uncertainty over future bank balances or interest rates does not remove the duty to make a reasonable estimate. This interest is compensatory, mandatory and automatic rather than penal. Reduction or waiver may be available only on specified grounds under the statutory power to grant such relief. en-us Tue, 15 Apr 2025 00:00:00 +0530 Thu, 24 Sep 2026 19:22:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471966 Advance-tax obligations require taxpayers to estimate savings-bank interest that is accrued, received and ascertainable during the year through regular quarterly credits. Interest for default in payment of advance tax applies to such income because uncertainty over future bank balances or interest rates does not remove the duty to make a reasonable estimate. This interest is compensatory, mandatory and automatic rather than penal. Reduction or waiver may be available only on specified grounds under the statutory power to grant such relief. Case-Laws Income Tax Tue, 15 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471966