Section 13 - Amendment of Section 215 - Finance Act, 1963

13. Amendment of Section 215 In section 215 of the Income tax Act, for sub section (2), the following sub section shall be substituted, namely : (2) Where before the date of completion of a regular assessment, a provisional assessment is made under section 141 or tax is paid by the assessee otherwise than in pursuance of such a provisional assessment (i) interest shall be calculated in accordance with the foregoing provision up to the date on which the tax is paid either as provisionally assessed or otherwise and (ii) thereafter interest shall be calculated at the rate aforesaid on the amount by which the tax as so paid (in so far as it relates to income subject to advance tax) falls short of the said seventy five per cent. .