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Amendment of section 234B

Section 57 - DIRECT TAXES - Income-tax - Finance Act - Section 57 - 57. In section 234B of the Income-tax Act, with effect from the 1st day of June, 2015,- (i) after sub-section (2), the following sub-section shall be inserted, namely:- (2A) (a) Where an application under sub-section (1) of section 245C for any assessment year has been made, 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 th .....

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part of a month comprised in the period commencing on the 1st day of April of such assessment year and ending on the date of such order, on the amount by which the tax on the total income determined on the basis of such order exceeds the tax on the total income disclosed in the application filed under sub-section (1) of section 245C. (c) Where, as a result of an order under sub-section (6B) of section 245D, the amount on which interest was payable under clause (b) has been increased or reduced, .....

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