Interest on defaulted tax adjusted by amendment, redefining assessed tax and applying revised rates from a specified effective date.

Amendment reduces the interest rate chargeable for defaults in payment of advance tax, applying the revised rate to the relevant subsections from the stated commencement date; it also replaces Explanation 1 to define assessed tax as the tax on total income determined on assessment, reduced by tax deducted or collected at source on incomes taken into account in computing that total income.

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