Section 35B in The Assam Agricultural Income-Tax Act, 1939
35B. Short payment of advance tax.
(1)Where in any financial year, an assessee has paid advance tax under Section 35 or Section 35-A and the advance tax so paid is less than ninety per centum of the tax determined on regular assessment under Section 20, simple interest at the rate of two per centum for each English Calendar month from the first day of April of succeeding financial year in which the advance tax was payable up to the month prior to the month of regular assessment shall be payable by the assessee upon the amount by which the advance tax paid falls short of the tax determined on regular assessment.(2)Where before the date of completion of regular assessment, tax is paid by the assessee in accordance with the provisions of the Act, interest shall be calculated in accordance with the foregoing provision up to the month prior to the months in which tax is so paid and thereafter interest shall be calculated under sub-section (1) on the amount by which the tax so paid falls short of the tax determined on regular assessment.Explanation. - If the advance tax paid in a financial year is less than seventy five percentum of the tax determined on regular assessment, the assessee shall remain liable to pay interest on any balance amount after payment of tax during the succeeding year or years and before the date of completion of assessment, even if after payment of such tax during the succeeding year or years, the total tax paid becomes seventy five percentum or more of the tax determined on regular assessment.
