Amendment of section 234C

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....uot;, the following shall be substituted with effect from the 1st day of April, 1995, namely:- "Where in any financial year,-. (a) the company which is liable to pay advance tax under section 208 has failed to pay such tax or- (i) the advance tax paid by the company on its current income on or before the 15th day of June is less than fifteen per cent. of the tax due on the returned inco....

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....ple interest at the rate of one and one-half per cent. on the amount of the shortfall from the tax due on the returned income: Provided that if the advance tax paid by the company on its current income on or before the 15th day of June or the 15th day of September, is not less than twelve per cent. or, as the case may be, thirty-six per cent. of the tax due on the returned-income, then, it shall....