If only a part of the advance tax due on 15/12/2008 is paid before that date. Say 60% is paid & balance 40% is paid on 15/3/2009, alongwith the advance tax due on 15/3/2009.
Please advise a.s.a.p. - what will b the rate of interest to be paid for the shartfall of advance tax (due on 15/12/08) & the period for which such interest is to be paid. Also advise what would be the other monetary & non monetary consequences.
11 December 2008
Find out the short fall on the amount due on 15/12/2008. Pay interest @1% per month for 3 months (15/12/2008 to 15/3/2009) at the time of filing the return of income. Reference section 234C of the Income Tax Act,1961.
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