9911796707
TMI BlogInterest for default in payment of advance income-tax.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the following, namely:— (a) where the assessee is liable to pay advance income-tax under section 205 and has failed to pay such tax; or (b) where the advance income-tax paid by such assessee is less than ninety per cent. of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax, for the period up to the date on which the self assessment tax is paid; and (ii) the assessed tax less the advance tax and such self-assessment tax, for the period commencing immediately after the date on which such self-assessment tax is paid. (5) The assessed tax referred to in sub-section (4) shall be calculated in accordance with the following formula— A - B Where A = the amount of the tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rds the interest chargeable under this section; and (ii) thereafter, at the rate specified in sub-section (1) on the amount by which the tax so paid together with the advance tax paid falls short of the assessed tax. (7) In a case where as a result of reassessment under section 159 (not being an assessment made for the first time), the amount of tax on total income, as referred to in sub-section ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , in accordance with the variation in the amount on which interest was payable under this section, on account of any rectification, revision or appellate order under this Code. (11) The Assessing Officer shall serve on the assessee a notice of demand in such form as may be prescribed specifying the sum payable on account of increase in the interest referred to in sub-section (10) and such notice s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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