21 May 2012
If an assessee who is having liability for paying advance tax and has paid advance tax but the amount of advance tax paid by him is less than 90% of the assessed tax, then u/s 234-B of the I.T.Act 1961, simple interest @1% for every month or part of the month has to be paid from 1st April of the assessment year to the date of payment of tax.
21 May 2012
If an assessee who is having liability for paying advance tax and has paid advance tax but the amount of advance tax paid by him is less than 90% of the assessed tax, then u/s 234-B of the I.T.Act 1961, simple interest @1% for every month or part of the month has to be paid from 1st April of the assessment year to the date of payment of tax.
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