Amendment of section 234C

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..... section 44AD, who is liable to pay advance tax under section 208 has failed to pay such tax or- (i) the advance tax paid by such assessee on its current income on or before the 15th day of June is less than fifteen per cent. of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of September is less than forty-five per cent. of the tax due on the .....

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..... paid by the assessee on the current income, on or before the 15th day of June or the 15th day of September, is not less than twelve per cent. or, as the case may be, thirty-six per cent. of the tax due on the returned income, then, the assessee shall not be liable to pay any interest on the amount of the shortfall on those dates;"; (ii) in clause (b), for the portion beginning with the words "th .....

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..... after clause (b), the following clause shall be inserted, namely:- '(c) income under the head "Profits and gains of business or profession" in cases where the income accrues or arises under the said head for the first time,'; (III) in the long line, for the words, brackets and letter "or clause (b)", the words, brackets and letters "or clause (b) or clause (c)" shall be substituted. - Clause .....

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