Interest for default in payment of installments of advance tax is levied under section 234C of the Income Tax Act. Section 234C applies when an assessee is required to pay advance tax in installments during the financial year but fails to do so or pays an amount less than the prescribed amount for each installment. The provision aims to encourage timely payment of advance tax and penalizes the assessee for delaying or underpaying the installments. It ensures that the government receives a steady flow of tax revenue throughout the year rather than waiting until the end of the financial year.
What is one of the key features of the Supreme Court ruling on the PMLA regarding the arrest powers of the Enforcement Directorate?
Veer Bal Diwas was observed for the first time on?
The Reserve Bank of India (RBI) has revised investment norms for commercial banks, making it more rigid as it created a new category namely – fair val...
What is the estimated growth rate of India's real GDP for the fiscal year 2023-24, as per the first advance estimates released by the National Statistic...
"Thiruonam" is celebrated as the 10th and most auspicious day of which cultural festival in the state of Kerala?
Recently which of the following institution has started accepting electronic bank guarantees and digitalised all its existing bank guarantees?
Consider the following statements:
I. The Union Cabinet has approved the extension for the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY-Phas...
Which state became the last state to implement the one nation one ration card (ONORC) scheme?
Who was honored with the Lata Deenanath Mangeshkar award for their contributions to the nation?
The Prime Minister of India Shri Narendra Modi visited which state to unveil Shri Adi Shankaracharya Samadhi and the statue in_____?