(5)Where an assessee has failed to pay the advance tax payable by him during a financial year or where the advance tax paid by him is less than ninety per cent of the tax assessed under section 115-WE or section 115-WF or section 115-WG, the assessee shall be liable to pay simple interest at the rate of one per cent per month, for every month or part of a month comprised in the period from the 1st day of April next following such financial year to the date of assessment of tax under section 115-WE or section 115-WF or section 115-WG.] [Substituted by Act 22 of 2007, Section 40, for sub-Sections (2) and (3) (w.e.f. 1.6.2007).]
