TMI BlogInterest for default in payment of advance income-tax.X X X X Extracts X X X X X X X X Extracts X X X X ..... ied 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 the following, namely:— (a) where the assessee is liable to pay advance income-tax under section 205 and has failed to pay such tax; or (b) where the advance income-tax paid by such assessee is less than ni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), as the case may be,— (i) the assessed tax less the advance tax, for the period up to the date on which the self assessment tax is paid; and (ii) the assessed tax less the advance tax and such self-assessment tax, for the period commencing immediately after the date on which such self-assessment tax is paid. (5) The assessed tax referred to in sub-section (4) shall be calc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n accordance with sub-sections (1) to (5), up to the date on which the tax is so paid and reduced by the interest, if any, paid under section 147 towards the interest chargeable under this section; and (ii) thereafter, at the rate specified in sub-section (1) on the amount by which the tax so paid together with the advance tax paid falls short of the assessed tax. (7) In a case where ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exceeds the relevant amount determined in variable A in the formula contained in sub-section (5). (10) The interest payable under this section shall be increased or reduced, in accordance with the variation in the amount on which interest was payable under this section, on account of any rectification, revision or appellate order under this Code. (11) The Assessing Officer shall serve o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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