An individual is liable to pay interest in case he defaults in paying advance tax or has failed to deposit advance tax. If 90% of the advance taxes due is not paid within the prescribed due date, interest @ 1% is charged for non-payment of advance tax for each month (including part month) till taxes are paid.
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|Asked: 12/21/18, 2:20 AM|
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|Last updated: 2/2/19, 1:18 AM|