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What is Interest Under Section 234B Explained about?
Section 234B of The Income Tax Act, 1961 outlines the interest payable for defaults in advance tax payments by assessees. It specifies that if an assessee fails to pay the required advance tax or pays less than 90% of the assessed tax, they are liable to pay simple interest at a rate of 1% per month until the total income is determined. The section also includes provisions for adjustments based on subsequent assessments or applications made under specific sections of the Act.
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- mrahmat.work
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- EN