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of <h1>Income Tax Bill 2025 Clause 424 imposes 1% monthly interest for advance tax defaults below 90%</h1> The Income Tax Bill 2025's Clause 424 addresses interest liability for advance tax defaults, closely mirroring Section 234B of the Income-tax Act 1961. Both provisions impose 1% monthly interest when taxpayers fail to pay advance tax or pay less than 90% of assessed tax. Interest is calculated from April 1st following the tax year until assessment completion. The Bill maintains core policy objectives while updating section references and streamlining provisions. Key features include adjustments for tax deducted at source, foreign tax reliefs, and recalculation mechanisms for reassessments and appeals. The provision ensures timely compliance and protects government revenue through compensatory interest charges.
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