(1)Subject to the other provisions of this section, where, in any tax year, an assessee who is liable to pay advance tax under section 404,––(a)has failed to pay such tax; or(b)the advance tax paid by such assessee under the provisions of section 406 or 407 is less than 90% of the assessed tax, the assessee shall be liable to pay simple interest at the rate of 1% for every month or part of a month, for the period, beginning from the 1st April following such tax year––(i)upto the date of determination of total income under section 270(1);and(ii)upto the date of completion of regular assessment, where a regular assessment is made, on an amount equal to the assessed tax in case where clause (a) is applicable or, on the amount by which the advance tax paid as aforesaid falls short of the assessed tax in case where clause (b) is applicable.
