SEO Sai Gr. Hosp.
212254 Points
Posted on 17 April 2018
Section 234B provides for levy of interest for default in payment of advance tax.
Interest under section 234B is levied in following two cases:
a) When the taxpayer has failed to pay advance tax though he is liable to pay advance tax; or
b) Where the advance tax paid by the taxpayer is less than 90% of the assessed tax
Section 234C provides for levy of interest for default in payment of instalment(s) of advance tax.
Refer: interest-payable-by-taxpayer.