In certain circumstances the

assessee become liable to pay

interest to the Revenue ( para 142)
For default in furnishing return of income- u/s 234A
For default in payment of advance tax u/s 234B
For deferment of Advance Tax u/s 234C

Interest u/s 234A
Rate of Interest :- 1% per month or part of the
month
Period for which interest is payable:- from the
due date of filing the return to the date of filing
return/the date of completing assessment
Amount on which interest is payable:-find out
tax on total income less advance tax paid less
tax deducted at source
Interest u/s 234B
When interest Amount on which Rate of Interest Period for which
is payable interest is payable Interest is payable
An assess who is Interest is payable Simple interest @ 1% From 1st April of the A.Y.
liable to pay advance on assessed tax for every month or to the date of determination
tax fail to pay such tax part of the month of total income u/s 143(1) or
where regular assessment is made
to the date of such regular
asseessment
An assessee who has paid Assessed tax minus Simple interest @ 1% From 1st April of the A.Y.
advance tax but the amount advance tax for every month or to the date of determination
of advance tax paid by him part of the month of total income u/s 143(1) or
is less than 90% of where regular assessment is made
assessed tax to the date of such regular
asseessment
In case of a Non-corporate assessee
(Sec 234C (1) (b))
When interest is payable Rate of Interest Period of Interest Amount on which
under section 234C interest is payable
If advance tax paid on or before Simple interest 3 months 30% (a-b)-c
September 15 is less than 30% 1% per month
(a-b)
If advance tax paid on or before Simple interest 3 months 60%(a-b)-d
December 15 is less than 60% 1% per month
(a-b)
If advance tax paid on or before Simple interest - 100%(a-b)-e
March 15 is lss than 100% 1% per month
(a-b)
where a = Tax on Total Income
b=Tax Deducted at Source
c= First Advance Tax Installment
d= Second Advance Tax Installment
e=Third Advance Tax Installment
In case of a Corporate assessee
( Sec 234C (1) (a))
When interest is payable Rate of Interest Period of Interest Amount on which
under section 234C interest is payable
by a Company
If advance tax paid on or before Simple interest 3 months 15% (a-b)-c
June 15 is less than 12% (a-b) 1% per month
If advance tax paid on or before Simple interest 3 months 45%(a-b)-d
Septemer 15 is less than 36%(a-b) 1% per month
If advance tax paid on or before Simple interest 3 months 75%(a-b)-e
December 15 is less than 75% (a-b) 1% per month
If advance tax paid on or before Simple interest - 100%(a-b)-f
March 15 is less than 100% (a-b) 1% per month
where a = Tax on Total Income
b=Tax Deducted at Source
c= First Advance Tax Installment
d= Second Advance Tax Installment
e=Third Advance Tax Installment
f=Fourth Advance Tax Installment