Section 234B of ITA, 1961 : Section 234B: Interest For Defaults In Payment Of Advance Tax
ITA, 1961
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Explanation using Example
Imagine that Mr. Sharma, a salaried employee, also earns income from freelance consulting. For the financial year 2022-2023, his total tax liability is estimated to be ₹1,00,000. According to the provisions of advance tax under Section 208 of the Income-tax Act, Mr. Sharma is required to pay this tax in four installments throughout the year. However, he only pays ₹70,000 by the end of the financial year, which is less than 90% of his total tax liability.
Since Mr. Sharma...
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