advance tax, Income Tax

[hetal dama]

 what is the consequence of default in payment of advance tax ? is any other penalty is charged   on default in payment except interest payment ?

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[CHITRA RAGURAM]

No penalty is payable. Only interest is payable u/s. 234B and 234C of the IT Act.

[rishi mohan]

When the assessee is in default or is deemed to be in default in making payment of tax, including the tax deducted at source, advance tax and the self assessment tax. Failure to pay the advance tax as directed by the Assessing Officer or as estimated by the assessee.

The amount of penalty leviable depends upon the nature of default.  The relevant section of Income-tax Act prescribe the minimum and maximum penalties which can be levied.