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FinMin notifies corrigendum to Income Tax Bill interest
Orissa POST
|August 13, 2025
The finance ministry Tuesday notified a corrigendum to the Income Tax Bill with regard to interest to be charged on short payment of advance tax by a taxpayer.
The corrigendum, which provides for 3 per cent interest on short payment of advance tax, aligns the clause with the existing provisions in the Income Tax Act, 1961.
Taxpayers having a tax liability of 10,000 or more have to pay advance tax in 4 installments ~ June 15, September 15, December 15 and March 15.
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