BOMBAY HC: ASSESSEE REQUIRED TO PAY INTEREST WHERE ADVANCE TAX PAID LESS THAN 75% - (29 Dec 2021)

Direct Taxation

Bombay High Court has held that the assessee is required to pay interest where advance tax paid is less than 75% of the assessed tax in case against Bennet Coleman. The Court has clarified that under Section 215 of the Income Tax Act, 1961, Assessee is required to pay interest at a simple interest of 15% p.a. from the first day of April following the financial year up to the date of regular assessment.

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