9911796707
TMI BlogInterest for default in payment of Advance Tax- Section 234BX X X X Extracts X X X X X X X X Extracts X X X X ..... XX 2. Computation: * * Where 'No Tax' has been paid after 31st March of the Previous Year u/s 140A or otherwise Rate: 1% per month simple interest Period: commences from 1st April of the assessment year and ends on: * The date of determination of income u/s 143(1) And * Where the assessment is made u/s 143(3)/144/147/153A, the date of completion of such assessment. Note: Part of the month shall be considered ad full month Amount: Tax determined u/s 143(1) or on assessment under section 143(3)/144/147/153A XX Less: Relief of tax u/s 89/90/90A (XX) Relief of tax u/s 91 (XX) MAT Credit u/s 115JAA (XX) AMT credit under section 115JD (XX) TDS/TCS (XX) Advance Tax (XX) Amount on which Interest to calculate XX * ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt is made u/s 143(3)/144/147/153A, the date of completion of such assessment" by the words "Date of filing of ROI". * Interest payable under this section shall be reduced by the interest, if any, paid u/s 140A or otherwise. * In case where an assessee has failed to furnish ROI, then interest u/s 234B shall be applicable. * For computing interest, "Tax" means "Income Tax including surcharge & Education Cess". * Where as a result of an order made u/s 154/250/254/260A/262/263/264 or order of settlement commission u/s 245D, the amount of Income Tax on which interest was payable under this section is reduced or increased, then the interest under this section shall also be reduced or increased correspondingly. Increase/Decrease in the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is increased, the assessee shall be liable to pay simple interest at the rate of 1% 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 such order, on the amount by which the tax on the total income determined on the basis of such order exceeds the tax on the total income disclosed in the application filed under section 245C(1). * Where, as a result of an order under section 245D(6B) [relating to rectification of order of settlement Commission], the amount on which interest was payable has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly. the period for which the interest is to be computed will ..... X X X X Extracts X X X X X X X X Extracts X X X X
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