As per section 234B, where the advance tax paid during the previous year 01.04.2019 to 31.03.2020 on or before March, 2020 is less than 90% of the assessed tax as reduced by the amount of tax deducted at source, the asse

CS Executive · Tax Laws and Practice · PYQS · December 2020
As per section 234B, where the advance tax paid during the previous year 01.04.2019 to 31.03.2020 on or before March, 2020 is less than 90% of the assessed tax as reduced by the amount of tax deducted at source, the assessee shall be making payment of simple interest on the amount of shortfall per month at the rate of ______.
(A) 1%
(B) 1.25%
(C) 1.50%
(D) 1.75%

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Penalties and Interest

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