TMI BlogInterest for defaults in furnishing return of net wealthX X X X Extracts X X X X X X X X Extracts X X X X ..... 16, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of 2 [ one ] per cent for every month or part of a month comprised in the period com mencing on the date immediately following the due date, and, (a) where the return is furnished after the due date, ending on the date of furnishing of the return, or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be regarded as a regular assessment for the purposes of this section. 5 [ Explanation 4. In this sub-section, "tax payable on the net wealth as determined under sub-section (1) of section 16 or on regular assessment" shall, for the purposes of computing the interest payable under section 15B, be deemed to be tax payable on the net wealth as declared in the return.] (2) The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as aforesaid, and, (a) where the return is furnished after the expiry of the time aforesaid, ending on the date of furnishing the return ; or (b) where no return has been furnished, ending on the date of completion of the reassessment under section 17, on the amount by which the tax on the net wealth determined on the basis of such reassessment exceeds the tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be a notice under section 30 and the provisions of this Act shall apply accordingly, and (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded. (5) The provisions of this section shall apply in respect of assessments, for the assessment year commencing on the 1st day of April, 1989 and subsequent assessment years.] ..... X X X X Extracts X X X X X X X X Extracts X X X X
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