TMI BlogInterest for default in furnishing retrun of tax basis.X X X X Extracts X X X X X X X X Extracts X X X X ..... te of one per cent. per month, in circumstances specified in sub-section (2) for the period mentioned in sub-section (3) on the amount computed under sub-section (4). (2) The circumstances referred to in sub-section (1) shall be - (a) where the return of tax-bases for any financial year under sub-section (1) or sub-section (6) of section 144 or sub-section (1) of section 146 is furnish ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f sub-section (2), shall commence on the date immediately following the due date and— (i) end on the date of furnishing of the return; or (ii) end on the date of completion of assessment under section 156 or section 159, where no return has been furnished; (b) in a case referred to in clause (c) of sub-section (2), shall commence on the date immediately following the last ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ggregate of — (i) advance tax paid, if any; (ii) any tax deducted or collected at source; (iii) any relief of tax allowed under section 291 on account of tax paid in a country or specified territory outside India; (iv) any deduction, from the Indian income-tax payable, allowed under section 207, on account of the tax paid in a cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rectification, revision or appellate order under this Code. (7) The Assessing Officer shall serve on the assessee a notice of demand, in such form as may be prescribed, specifying the sum payable on account of increase in the interest referred under sub-section (6) and such notice shall be deemed to be a notice under section 162 and the provisions of this Code shall apply accordingly. ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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