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Income Tax - Highlights / Catch Notes

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Computation of interest u/s 234B - assessed tax versus tax on ...

Income Tax

February 13, 2023

Computation of interest u/s 234B - assessed tax versus tax on returned income - interest for default in payment of advance tax u/s 234B of the Act in the case of regular assessment needs to be computed on the assessed tax as provided in Explanation 1 to Section 234B(1) - AT

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  4. MAT Credit admissible in terms of Section 115JAA has to be set off against the tax payable (assessed tax) before calculating interest under Sections 234A, 234B and 234C

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