9911796707
TMI BlogInterest for defaults in furnishing return of income.X X X X Extracts X X X X X X X X Extracts X X X X ..... as per the following formula:- I = 1% x A x T where,- I = the interest payable; A = the amount of tax on which interest is payable, as specified in sub-section (2); T = number of months comprised in the period commencing on the date immediately following the starting date and ending on the end date, both specified in sub-section (2). (2) For sub-section (1), in respect of the circumstan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l income determined under regular assessment as reduced by tax paid. 2 (i) Where no return has been furnished under section 263(1), (4) or (6) or in response to a notice under section 268(1). Due date for furnishing the return of income under section 263(1). Date of completion of the assessment under section 271. Tax on the total income determined under regular assessment as reduced by tax pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 270(1) or after the completion of an assessment under section 270(10) or 271 or 279; and (b) no return is furnished. Date immediately following the last date of time allowed under such notice. Date of completion of the reassessment or recomputation under section 279. Amount by which the tax on the total income determined on the basis of such reassessment or recomputation exceeds ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid, if any, shall be refunded. (4) For the purposes of this section,- (a) tax on total income as determined under section 270(1) shall not include the additional income-tax, if any, payable under section 267; (b) tax on the total income determined under regular assessment shall not include the additional income-tax payable under section 267; (c) interest payable under sub-section (1) shal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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