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TMI BlogInterest for defaults in payment of advance taxX X X X Extracts X X X X X X X X Extracts X X X X ..... al income under sub-section (1) of section 143 4[and where a regular assessment is made, to the date of such regular assessment, on an amount]] equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid as aforesaid falls short of the assessed tax. 5[Explanation 1.-In this section, "assessed tax" means the tax on the total income determined under sub-section (1) of section 143 and where a regular assessment is made, the tax on the total income determined under such regular assessment as reduced by the amount of,- (i) any tax deducted or collected at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is taken into ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... visions of this section up to the date on which the tax is so paid, and reduced by the interest, if any, paid under section 140A towards the interest chargeable under this section; (ii) thereafter, interest shall be calculated at the rate aforesaid on the amount by which the tax so paid together with the advance tax paid falls short of the assessed tax. 17[(2A) (a) Where an application under sub-section (1) of section 245C for any assessment year has been made, the assessee shall be liable to pay simple interest at the rate of one per cent. for every month or part of a month comprised in the period commencing on the 1st day of April of such assessment year and ending on the date of making such application, on the additional amount of inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r section 153A, on the amount by which the tax on the total income determined on the basis of the reassessment or recomputation exceeds the tax on the total income determined under sub-section (1) of section 143 or on the basis of the regular assessment as referred to in sub-section (1), as the case may be.] (4) Where, as a result of an order under section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 19[***], the amount on which interest was payable under sub-section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and- (i) in a case where the interest is increased, the Assessing Officer shall s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of tax deducted or collected at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is taken into account in computing such total income.' 6. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003. 7. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 8. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 9. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003. 10. Substituted for "one and one-fourth" by the Taxation Laws (Amendment) Act, 2003, w.e.f. 8-9-2003. Earlier the quoted words were amended by the Finance Act, 1999, w.e.f. 1-6-1999 and Finance Act, 2001, w.e.f. 1-6-2001. 11. Substituted for & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or re-computation exceeds the tax on the total income determined 14[under sub-section (1) of section 143 or] on the basis of the regular assessment aforesaid.
Explanation.-15[* * *]
19. Omitted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015, before it was read as, "or an order of the Settlement Commission under sub-section (4) of section 245D""
20. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2007
21. Substituted vide Finance Act, 2022 w.e.f. 01-04-2022 before it was read as
"7[Explanation 3.-In Explanation 1 and in sub-section (3) "tax on the total income determined under sub-section (1) of section 143" shall not include the additional income-tax, if any, payable under section 143.]"
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