TMI BlogInterest for defaults in payment of advance taxX X X X Extracts X X X X X X X X Extracts X X X X ..... te of determination of total income under sub-section (1) of section 143 4 [and where a regular assessment is made, to the date of such regular assessment, on an amount]] equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid as aforesaid falls short of the assessed tax. 5 [ Explanation 1.- In this section, 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 of,- (i) any tax deducted or collected at source in accordance with the provisions of Chapter XVII on any income which is s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Where, before the date of 8 [determination of total income under sub-section (1) of section 143 or] completion of a regular assessment, tax is paid by the assessee under section 140A or otherwise,- ( i ) interest shall be calculated in accordance with the foregoing provisions of this section up to the date on which the tax is so paid, and reduced by the interest, if any, paid under section 140A towards the interest chargeable under this section; ( ii ) thereafter, interest shall be calculated at the rate aforesaid on the amount by which the tax so paid together with the advance tax paid falls short of the assessed tax. 17 [(2A) (a) Where an application under sub-section (1) of section 245C for any assessment year has been made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the assessee shall be liable to pay simple interest at the rate of one per cent. for every month or part of a month comprised in the period commencing on the 1st day of April next following such financial year and ending on the date of the reassessment or recomputation under section 147 or section 153A, on the amount by which the tax on the total income determined on the basis of the reassessment or recomputation exceeds the tax on the total income determined under sub-section (1) of section 143 or on the basis of the regular assessment as referred to in sub-section (1), as the case may be.] (4) Where, as a result of an order under section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989 and Finance Act, 2001, w.r.e.f. 1-4-1989 read as under : 'Explanation 1.-In this section, assessed tax means the tax on the total income determined under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is taken into account in computing such total income.' 6. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003. 7. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 8. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) of section 143 12 [and where a regular assessment is made as is referred to in sub-section (1) following the date of such regular assessment]] and ending on the date of the re-assessment or re-computation under section 147 13 [or section 153A], on the amount by which the tax on the total income determined on the basis of the re-assessment or re-computation exceeds the tax on the total income determined 14 [under sub-section (1) of section 143 or] on the basis of the regular assessment aforesaid. Explanation . - 15 [* * *] 19. Omitted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015, before it was read as, or an order of the Settlement Commission under sub-section (4) of section 245D 20. Inserted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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