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[Complete Act]
Central Government Act
Section 234C in The Income- Tax Act, 1995
234C. 1[ Interest for deferment of advance tax 2
(1) 3[ 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 income or the amount of such advance tax paid on or before the 15th day of September is less than forty- five per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December is less than seventy- five per cent of the tax due on the returned income, then, the company shall be liable to pay simple interest at the rate of one and one- half per cent per month for a period of three months on the amount of the shortfall from fifteen per cent or forty- five per cent or seventy- five per cent, as the case may be, of the tax due on the returned income;
(ii) the advance tax paid by the company on its current income on or before the 15th day of March is less than the tax due on the returned income, then, the company shall be liable to pay simple 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 not be liable to pay any interest on the amount of the shortfall on those dates;
1. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w. e. f. 1- 4- 1989.
3. Substituted by the Finance Act, 1994, w. e. f. 1- 4- 1995. Prior to the substitution, subsection (1) read as under:" Where in any financial year,[ the assessee who is liable to pay advance tax under section 208 has failed to pay such tax or], the advance tax paid by the assessee on his current income on or before the 15th day of September is less than[ thirty] per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December is less than[ sixty] per cent of the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one and one- half per cent per month of the shortfall from for a period of three months on the amount of the shortfall from[ thirty] per cent or, as the case may be,
CHAP RELIEF RESPECTING TAX ON DIVIDENDS IN CERTAIN CASES CHAPTER XVIII RELIEF RESPECTING TAX ON DIVIDENDS IN CERTAIN CASES