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An assessee liable to pay advance tax is not liable to pay interest under section 234B of the Income Tax Act if the advance tax paid by them is not less than 90% of the advance tax payable by them. Advance tax is a system where taxpayers are required to estimate their income for the financial year and pay taxes on a quarterly basis rather than waiting until the end of the year. Section 234B of the Income Tax Act deals with the interest charged on the shortfall of advance tax payments. If an assessee fails to pay advance tax or pays an amount less than the prescribed percentage, which is generally 90% of the advance tax liability, they may be liable to pay interest under section 234B. However, if the assessee has paid at least 90% of the advance tax payable, they will not be charged interest under this section.
The concept of confidentiality shall extend to_____?
Which section delas with the establishment of Depositor Education and Awareness Fund by the RBI under the Banking Regulation Act, 1949?
As per the Insurance Act, 1938 an insurance company shall not be wound up voluntarily except _________________
In the case of a private company, ________________, shall be the quorum for a meeting of the company
The authority of a partner to bind the firm conferred by Section 19 of the Act is called:
Under the Arbitration and Conciliation Act, 1996, what is the primary purpose of arbitration?
Which of the following words were added to the Preamble by 42nd Amendment Act, 1976?
The goods which form subject matter of sale
As per the Companies Act persons not eligible for appointment as an auditor of a company are ___________
Which of the following penalty can be imposed for contravention of the provisions of FEMA?