interest on non payment of advance tax

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Interest for non payment of Advance Tax: (Section 234B & 234C):

What is non-payment of advance tax?

There are two types of interest leviable for non payment of advance tax: Interest u/s 234B (Applicable when advance tax paid is less than 90% of total tax during the year): Interest u/s 234B is applicable where no advance tax was paid during the Financial year or advance tax paid was less than 90% of the total assessed.

What is the interest payable on advance tax?

The interest payable can be rounded off to the nearest hundred. This interest falls under Two sections: Under this section, if advance tax is not paid on schedule, an interest of 1% will be charged. This interest is for deferment in instalments of advance tax. You will have to pay interest of 1% on advance tax if you do not pay on installments:

What happens if advance tax is not paid?

When no payment of advance tax takes place even though the taxpayer is liable to pay the same When the advance tax paid is less than 90% of the Assessed Tax. According to Section 208 of the Income-tax Act, the assessee has to calculate advance tax and pay if his Tax Liability of a particular Financial Year is INR 10,000 or more.

When do I have to pay advance tax?

When the advance tax paid is less than 90% of the Assessed Tax. According to Section 208 of the Income-tax Act, the assessee has to calculate advance tax and pay if his Tax Liability of a particular Financial Year is INR 10,000 or more.

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