Interest for deferment of advance tax.

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..... e date specified in column B of the Table below, is less than advance tax due on returned income, as specified in column C, then the assessee shall be liable to pay interest on the amount of shortfall of advance tax as specified in column D , at the rate of interest specified in column E: Table Sl.No. Due date of Instalment Advance tax due on returned income Amount of shortfall of advance tax .....

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..... n the returned income; or (b) on or before the 15th day of September is 36% or more of the tax due on the returned income. (3) An assessee who declares profits and gains as per section 58(2) (Table: Sl. No. 1 or 3) or, who is liable to pay advance tax under section 404, has failed to pay such tax, or the advance tax paid by the assessee on its current income on or before the 15th day of March i .....

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..... tax year. (5) For the purposes of this section "tax due on the returned income" means the tax chargeable on the total income declared in the return of income furnished by the assessee for the tax year in which the advance tax is paid or payable, as reduced by the amount of- (a) any tax deducted or collected at source as per the provisions of Chapter XIX-B on any income which is subject to such .....

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