Section 434
Interest for Advance Tax Shortfall (234B)
Section No.
434
Chapter
XXII
ITA 1961 Predecessor
S.234B
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Chapter Context
Section 434 falls under Chapter XXII — Penalties of the Income Tax Act 2025. This act came into force on 1 April 2026, replacing the Income Tax Act 1961. The equivalent provision in the old act was S.234B.
Frequently Asked Questions
Section 434 of the Income Tax Act 2025 deals with "Interest for Advance Tax Shortfall (234B)". It falls under Chapter XXII (Penalties). The equivalent provision in the old Income Tax Act 1961 was S.234B. The Income Tax Act 2025 came into force on 1 April 2026, replacing the entire ITA 1961.
S.234B of the Income Tax Act 1961 corresponds to Section 434 of the Income Tax Act 2025 ("Interest for Advance Tax Shortfall (234B)"). The ITA 2025 reorganised and renumbered most provisions from ITA 1961 while retaining their substantive legal effect. Tax professionals and taxpayers familiar with the old numbering can use this section-by-section mapping to navigate the new act.
Section 434 ("Interest for Advance Tax Shortfall (234B)") is part of Chapter XXII — Penalties — of the Income Tax Act 2025. This chapter deals with penalties provisions applicable for Tax Year 2026-27 and onwards.