9911796707
TMI BlogInterest for defaults in payment of advance tax.X X X X Extracts X X X X X X X X Extracts X X X X ..... id by such assessee under the provisions of section 406 or 407 is less than 90% of the assessed tax, the assessee shall be liable to pay simple interest at the rate of 1% for every month or part of a month, for the period, beginning from the 1st April following such tax year-- (i) upto the date of determination of total income under section 270(1); or (ii) upto the date of completion of regul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... untry outside India; (d) any relief of tax allowed under section 159(2) on account of tax paid in a specified territory outside India referred to in that section; (e) any deduction, from the Indian income-tax payable, allowed under section 160, on account of tax paid in a country outside India; and (f) any tax credit allowed to be set off as per section 206(13). (3) For the purposes of this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any, paid under section 266 towards the interest chargeable under this section; (b) 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. (5) Where, the amount on which interest was payable in respect of shortfall in payment of advance tax for any tax year under sub-section (1) is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ult of an order under section 287 or 288 or 359 or 363 or 365(10) or 368 or 377 or 378, the amount on which interest was payable under sub-section (1) or (3) has been increased or reduced, the interest shall be increased or reduced accordingly, and- (a) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the form as prescribed specif ..... X X X X Extracts X X X X X X X X Extracts X X X X
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