Question

. As per section 234B, where the advance
tax paid during the previous year 01.04.2019
to 31.03.2020 on or before March, 2020
is less than 90% of the assessed tax as
reduced by the amount of tax deducted at
source, the assessee shall be making payment
of simple interest on the amount of shortfall
per
month at the rate of
A) 1%
(B) 1.25%
(C) 1.50%
(D) 1.75%​

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

Under section 234B, interest for default in payment of advance tax is levied at 1% per month or part of a month. The nature of interest is simple interest. In other words, the taxpayer is liable to pay simple interest at 1% per month or part of a month for default in payment of advance tax.May 20, 2020