Section 234C of ITA, 1961 : Section 234C: Interest For Deferment Of Advance Tax

ITA, 1961

JavaScript did not load properly

Some content might be missing or broken. Please try disabling content blockers or use a different browser like Chrome, Safari or Firefox.

Explanation using Example

Let's say Mr. Sharma is a salaried employee and has some income from a rental property. For the financial year 2022-2023, his estimated tax liability is ₹1,00,000. According to the advance tax payment schedule, he should pay at least 15% (₹15,000) by the 15th of June, 45% (₹45,000) by the 15th of September, 75% (₹75,000) by the 15th of December, and 100% (₹1,00,000) by the 15th of March.

However, Mr. Sharma pays ₹10,000 by June 15, which is ₹5,000 less than what is required. He pays ₹40,000 by September 15, which is ₹5,000 less than the cumulative required amount by that date. By December 15, he pays an...

Login to access all pages and read more content.

To disable ads and read rest of the premium content, subscribe to KanoonGPT Pro.

🚀 Special Offer! Enjoy 1 Year of Ad-Free Browsing with any subscription.
KanoonGPT is now faster and smarter, powered by upgraded servers.
Subscribe today and unlock all new features!
Update: Discover how KanoonGPT revolutionizes legal research! Watch our demo video on the homepage to see how you can chat with various legal sections using our innovative hybrid AI search. Enjoy free unlimited AI access for a limited time!
Update: Page bookmarking and open in new tab is now supported! Simply use your browser's bookmark manager to save this page for quick access later.
Update: We're building AI tools for the Indian Law community. Help shape the future by filling out this quick form for a chance to get a free 1-year usage of the requested tool.

Download Digital Bare Acts on mobile or tablet with "Kanoon Library" app

Kanoon Library Android App - Play Store LinkKanoon Library iOS App - App Store Link