Interest for default: relief under section 89 must be deducted from tax when computing interest, applied retrospectively. The Bill inserts a provision requiring that any relief of tax allowed under section 89 be deducted from tax on total income when computing interest under ... Summary
Interest for default: relief under section 89 must be deducted from tax when computing interest, applied retrospectively.
The Bill inserts a provision requiring that any relief of tax allowed under section 89 be deducted from tax on total income when computing interest under section 234A for defaults in furnishing returns; this amendment is made retrospective to the first day of April, 2007 and applies to subsequent assessment years.
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