FinMin notifies corrigendum to I-T Bill on interest for advance tax short-payment

The finance ministry has issued a corrigendum to the Income Tax Bill, clarifying the interest to be levied on short payment of advance tax. The amendment aligns the bill with the existing Income Tax Act of 1961, stipulating a 3% interest charge. This resolves an ambiguity regarding interest calculation for advance tax shortfalls, ensuring consistency with current tax laws.