TMI BlogInterest for default in payment of Advance Tax- Section 234BX X X X Extracts X X X X X X X X Extracts X X X X ..... of tax u/s 90 / 90A (XX) Relief of tax u/s 91 (XX) MAT credit u/s 115JAA (XX) AMT credit under section 115JD (XX) TDS/TCS (XX) Assessed Tax XX 2. Computation: Where No Tax has been paid after 31 st March of the Previous Year u/s 140A or otherwise Rate: 1% per month simple interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment year and ends on the date of payment of tax under section 140A or otherwise. Period: commences from 1 st April of the assessment year and ends on: The date of determination of income u/s 143(1) And Where the assessment is made u/s 143(3)/ 144 / 147 / 153A , the date of completion of such assessment. Amount: Tax determined u/s 143(1) or on assessment under section 143(3)/ 144 / 147 / 153A XX Amount: Tax determined u/s 143(1) or on assessment under section 143(3)/ 144 / 147 / 153A XX Less: Relief of tax u/s 89 / ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is made u/s 143(3)/ 144 / 147 / 153A , the date of completion of such assessment by the words Date of filing of ROI . Interest payable under this section shall be reduced by the interest, if any, paid u/s 140A or otherwise. In case where an assessee has failed to furnish ROI, then interest u/s 234B shall be applicable. For computing interest, Tax means Income Tax including surcharge Education Cess . Where as a result of an order made u/s 154 / 250 / 254 / 260A / 262 / 263 / 264 or order of settlement commission u/s 245D , the amount of Income Tax on which interest was payable under this section is reduced or increased, then the interest under this section shall also be reduced or increased correspond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment year, the amount of total income disclosed in the applications u/s 245C(1) is increased, the assessee shall be liable to pay simple interest at the rate of 1% for every month or part of a month comprised in the period commencing on the 1 st 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 section 245C(1). Where, as a result of an order under section 245D(6B) [relating to rectification of order of settlement Commission], the amount on which interest was payable has been increased or reduced, as the case may be, the interest shall be increas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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