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Income Tax - Frequently Asked Questions (FAQs) |
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FAQs on interest under section 234A, 234B, 234C and 234D |
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How to calculate interest under Section 234C if the assessee has opted presumptive taxation scheme of Section 44AD or 44ADA? |
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Ans. If the assessee has opted presumptive taxation scheme of Sections 44AD or 44ADA and advance tax paid on or before March 15th is less than 100% of the assessed tax, simple interest at the rate of 1% shall be charged for 1 month on the shortfall amount (i.e. 100 % of assessed tax less tax deposited on or before March 15). |
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