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TMI BlogInterest for default in furnishing retrun of tax basis.X X X X Extracts X X X X X X X X Extracts X X X X ..... per cent. per month, in circumstances specified in sub-section (2) for the period mentioned in sub-section (3) on the amount computed under sub-section (4). (2) The circumstances referred to in sub-section (1) shall be - (a) where the return of tax-bases for any financial year under sub-section (1) or sub-section (6) of section 144 or sub-section (1) of section 146 is furnished after the due date, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the due date and— (i) end on the date of furnishing of the return; or (ii) end on the date of completion of assessment under section 156 or section 159, where no return has been furnished; (b) in a case referred to in clause (c) of sub-section (2), shall commence on the date immediately following the last date of the time allowed under the notice referred in said clause (c), and— (i) end on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n a country or specified territory outside India; (iv) any deduction, from the Indian income-tax payable, allowed under section 207, on account of the tax paid in a country outside India; and (v) any tax credit available for set-off under section 106; (b) in a case referred to in clause (c) of sub-section (2), shall be the amount by which tax determined on reassessment exceeds the tax on the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such notice shall be deemed to be a notice under section 162 and the provisions of this Code shall apply accordingly. (8) The excess interest paid, if any, shall be refunded in a case where the interest is reduced under sub-section (6). - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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