FinMin notifies corrigendum to I-T Bill on interest for advance tax short-payment
The finance ministry on 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.
Tag: advance tax payments
Has the penal interest increased from 1% to 3% on advance tax payment in the new income tax bill 2025? Here’s what CAs say
The Lok Sabha Select Committee recommended correcting a drafting error regarding how interest is calculated for shortfalls in advance tax payments. The revised Income Tax Bill 2025 that was introduced in the parliament yesterday (August 11, 2025) had a drafting error that stated: ”the assessee shall be liable to pay simple interest at the rate of 1% for every month or part of a month, for the period….”.
Shah Rukh, Salman, Vijay in highest celebrity taxpayers list: Fortune India
Bollywood superstar Shah Rukh Khan topped the list of celebrity taxpayers with advance tax payment of Rs 92 crore in 2023-24, followed by Tamil actor ‘Thalapathy’ Vijay at a distant second, according to a list compiled by Fortune India Magazine.
Due Dates For Filing Income Tax Returns, TDS, Advance Tax Payments
Taxpayers in India are gearing up for the impending deadline as the clock ticks closer to the last date for filing Income Tax Returns (ITR). With July 31, 2024, looming as the cutoff, individuals across the nation are urged to ensure timely submission to avoid incurring additional charges or penalties.