Clarification regarding advance tax while filing Updated Return

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..... taxpayers up to two years from the end of the relevant assessment year subject to fulfilment of certain conditions as well as payment of additional tax. For the determination of the amount of additional tax on such updated return section 140B was inserted in the Act. 2. The sub-section (4) of the section 140B of the Act provides for the computation of interest under section 234B of the Act on .....

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..... uted on an amount equal to the assessed tax as reduced by the amount of advance tax, the credit for which has been claimed in the earlier return, if any. 4. This amendment will take effect retrospectively from the 1st day of April, 2022. [Clause 67] Full Text : Union Budget 2023-24 + FINANCE Bill, 2023 - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment .....

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