Where the advance tax paid on or before March, 2018 is less than 100% of the tax due on the total income declared in the return of income, as reduced by tax deducted at source, the assessee shall be making payment of int

CS Executive · Tax Laws and Practice · PYQS · June 2018
Where the advance tax paid on or before March, 2018 is less than 100% of the tax due on the total income declared in the return of income, as reduced by tax deducted at source, the assessee shall be making payment of interest on the amount of shortfall on the returned income so declared at the rate of __________ per month for the period of delay.
(A) 2%
(B) 1%
(C) Nil
(D) 1.5%

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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