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Interest payable under Section 234C of the Income Tax Act, 1961 is computed at simple interest at 1% per month or part of a month on the amount of advance tax that is not paid or paid in short. So, the interest is calculated on a monthly basis and not on an annual basis. This means that if a taxpayer fails to pay the advance tax on time, they will be liable to pay interest at 1% per month on the amount that is outstanding.
Consider the following statements about scholarship programme of London:
1. Recently, Oxford College London announced its biggest ever scholars...
The Governor of which state has launched the Mashaal for the 37th National Games?
Which country recently became the 97th member of the International Solar Alliance (ISA)?
What position did Mukesh Ambani hold on the Bloomberg Billionaires Index as of May 2024?
Consider the following statements about CORPAT and BONGOSAGAR:
1. Recently, Exercise CORPAT and BONGOSAGAR between the Indian Navy and Sri Lank...
The Preamble of the Indian Constitution was amended in which year?
On the basis of 2011 census, arrange the following districts in ascending order on the basis of population:
1. Uttarkashi
Consider the following statements about Iyothee Thass Pandithar:
1. Recently, Tamil Nadu government has installed a statue of him at Gandhi Manda...
Atla Tadde is a traditional festival celebrated in which state of India?
Consider the following statement about “Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES)”.