Amendment of section 234C.

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..... Clause 84 of the Bill seeks to amend section 234C of the Income-tax Act relating to interest for deferment of advance tax. The existing provisions of sub-section (1) of the aforesaid section 234C provides that the assesse is liable to pay simple interest at the rate of one per cent. per month on the amount of shortfall from the specified percentages of the tax due on the returned income. The Expl .....

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..... for reduction of tax credit allowed to beset-off under section 115JD from the tax due on the returned income. This amendment will take effect from 1st April, 2013 and will, accordingly, apply in relation to assessment year 2013-2014 and subsequent assessment years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagemen .....

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