Interest u/s 234B - The term “assessed tax” has been defined in ...

Income Tax

August 23, 2023

Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total income determined under sub-Section (1) of Section 143 and where a regular assessment is made, the tax on the total income determined under such regular assessment as reduced by the amount provided in Explanation-I to section 234B. Therefore, the interest under Section 234B has to be charged on the assessed income and not on the returned income of an Assessee. - HC

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Interest u/s 234B - The term “assessed tax” has been defined in ...

Income Tax

August 23, 2023

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