{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"91","heading":"Amendment of section 234C","text":"Amendment of section 234C. 91. In section 234C of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 2016,— (i) | for clause (a), the following clause shall be substituted, namely:— \"(a) | an assessee, other than an eligible assessee in respect of the eligible business referred to in section 44AD, who is liable to pay advance tax under section 208 has failed to pay such tax or— (i) | the advance tax paid by such assessee on its current income on or before the 15th day of June is less than fifteen per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of September is less than forty-five per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December is less than seventy-five per cent of the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent per month for a period of three months on the amount of the shortfall from fifteen per cent or forty-five per cent or seventy-five per cent, as the case may be, of the tax due on the returned income; (ii) | the advance tax paid by the assessee on the current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent on the amount of the shortfall from the tax due on the returned income: Provided that if the advance tax paid by the assessee on the current income, on or before the 15th day of June or the 15th day of September, is not less than twelve per cent or, as the case may be, thirty-six per cent of the tax due on the returned income, then, the assessee shall not be liable to pay any interest on the amount of the shortfall on those dates;\"; (ii) | in clause (b), for the portion beginning with the words \"the assessee, other than a company\" and ending with the words \"shortfall from the tax due on the returned income\", the following shall be substituted, namely:— \"an eligible assessee in respect of the eligible business referred to in section 44AD, who is liable to pay advance tax under section 208 has failed to pay such tax or the advance tax paid by the assessee on its current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent on the amount of the shortfall from the tax due on the returned income:\"; (iii) | in the first proviso, below clause (b)— (I) | in clause (b), for the word and figure \"section 2\", the words and figure \"section 2; or\" shall be substituted; (II) | after clause (b), the following clause shall be inserted, namely:— '(c) | income under the head \"Profits and gains of business or profession\" in cases where the income accrues or arises under the said head for the first time,'; (III) | in the long line, for the words, brackets and letter \"or clause (b)\", the words, brackets and letters \"or clause (b) or clause (c)\" shall be substituted.","html":"Amendment of section 234C.
91. In section 234C of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 2016,—
| (i) | | for clause (a), the following clause shall be substituted, namely:— |
| \"(a) | | an assessee, other than an eligible assessee in respect of the eligible business referred to in section 44AD, who is liable to pay advance tax under section 208 has failed to pay such tax or— |
| (i) | | the advance tax paid by such assessee on its current income on or before the 15th day of June is less than fifteen per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of September is less than forty-five per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December is less than seventy-five per cent of the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent per month for a period of three months on the amount of the shortfall from fifteen per cent or forty-five per cent or seventy-five per cent, as the case may be, of the tax due on the returned income; |
| (ii) | | the advance tax paid by the assessee on the current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent on the amount of the shortfall from the tax due on the returned income: |
| | Provided that if the advance tax paid by the assessee on the current income, on or before the 15th day of June or the 15th day of September, is not less than twelve per cent or, as the case may be, thirty-six per cent of the tax due on the returned income, then, the assessee shall not be liable to pay any interest on the amount of the shortfall on those dates;\"; |
| (ii) | | in clause (b), for the portion beginning with the words \"the assessee, other than a company\" and ending with the words \"shortfall from the tax due on the returned income\", the following shall be substituted, namely:— |
| | \"an eligible assessee in respect of the eligible business referred to in section 44AD, who is liable to pay advance tax under section 208 has failed to pay such tax or the advance tax paid by the assessee on its current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent on the amount of the shortfall from the tax due on the returned income:\"; |
| (iii) | | in the first proviso, below clause (b)— |
| (I) | | in clause (b), for the word and figure \"section 2\", the words and figure \"section 2; or\" shall be substituted; |
| (II) | | after clause (b), the following clause shall be inserted, namely:— |
| '(c) | | income under the head \"Profits and gains of business or profession\" in cases where the income accrues or arises under the said head for the first time,'; |
| (III) | | in the long line, for the words, brackets and letter \"or clause (b)\", the words, brackets and letters \"or clause (b) or clause (c)\" shall be substituted. |