Assessed tax definition clarified, including withholding, foreign tax reliefs and tax credits in computing tax liability.

Amendment expands the components reducing tax on total income declared in a return to include tax deducted or collected at source, foreign tax reliefs or deductions for tax paid outside India (including specified territories) and tax credits allowable under corporate tax credit provisions, and specifies that interest on late filing is computed after reducing tax by advance tax, these withholding and foreign relief items and allowable tax credits.

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