Interest computation under income tax: 234A on declared tax net of advance tax and TDS; 234B on assessed tax.

Amendment prescribes that delayed filing interest is computed on tax on total income declared in the return after reducing advance tax and tax deducted or collected at source; interest for default in payment of advance tax is computed on an amount equal to the assessed tax or on the shortfall between advance tax paid and that assessed tax. "Assessed tax" is defined as tax on the declared total income reduced by tax deducted or collected at source attributable to income included in that total.

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