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Home List Manuals Income TaxIncome Tax - Frequently Asked Questions (FAQs)FAQs on interest under section 234A, 234B, 234C and 234D This

Income Tax - Frequently Asked Questions (FAQs)

FAQs on interest under section 234A, 234B, 234C and 234D

How to calculate interest under section 234C?

  • Contents

Ans. 

​When is interest payable?

Period of interest

Amount on which interest shall be payable

If the advance tax paid on or before June 15 is less than 12% of the assessed tax

3 months

15% of assessed tax less tax deposited on or before June 15

If the advance tax paid on or before September 15 is less than 36% of the assessed tax

3 months

45% of assessed tax less tax deposited on or before September 15

If the advance tax paid on or before December 15 is less than 75% of the assessed tax

3 months

75% of assessed tax less tax deposited on or before December 15

If the advance tax paid on or before March 15 is less than 100% of the assessed tax

1 month

100% of assessed tax less tax deposited on or before March 15​

 

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