Section 37 - Amendment of section 215 - Taxation Laws (Amendment) Act, 1970

37. 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, tax is paid by the assessee under section 140A or otherwise,- (i) interest shall be calculated in accordance with the foregoing provision up to the date on which the tax is so paid; 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 assessed tax. .