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[Cites 0, Cited by 0] [Section 425] [Entire Act]

Union of India - Subsection

Section 425(1) in The Income Tax Act, 2025

(1)Where in any tax year, an assessee, liable to pay advance tax under section 404, other than the assessee mentioned in sub-section (3), has failed to pay such tax, or the advance tax paid by the assessee on its current income on or before the date specified in column B of the Table below, is less than advance tax due on returned income, as specified in column C, then the assessee shall be liable to pay interest on the amount of Shortfall of advance tax as specified in column D, at the rate of interest specified in column E:—Table
Sl. No.Due date of InstalmentAdvance tax due on returned incomeAmount of Shortfall of advance tax being advance tax due as per column C, as reduced by advance tax already paid on or before the date specified in column BInterest payable on Shortfall as specified in column D
ABCDE
1.15th day of June.15% of the tax due on returned income.Shortfall till 15th day of June.3%
2.15th day of September.45% of the tax due on returned income.Shortfall till 15th day of September.3%
3.15th day of December.75% of the tax due on returned income.Shortfall till 15th day of December.3%
4.15th day of March.100% of the tax due on returned income.Shortfall till 15th day of March.1%