Computation of interest under section 234A reduces taxable liability by advance tax, TDS, foreign tax reliefs and tax credits. Amendment clarifies that for computing interest under section 234A the tax on total income, whether determined under summary or regular assessment, must be reduced by: advance tax paid; tax deducted or collected at source; relief for tax paid outside India including in specified territories; deductions for foreign tax; and any allowable tax credit before interest is computed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Computation of interest under section 234A reduces taxable liability by advance tax, TDS, foreign tax reliefs and tax credits.
Amendment clarifies that for computing interest under section 234A the tax on total income, whether determined under summary or regular assessment, must be reduced by: advance tax paid; tax deducted or collected at source; relief for tax paid outside India including in specified territories; deductions for foreign tax; and any allowable tax credit before interest is computed.
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