Assessed tax definition clarifies reductions for tax deducted or collected at source, foreign tax reliefs and specified tax credits. The amendment replaces the Explanation to section 234B by defining assessed tax as the tax on total income determined under summary assessment or under regular assessment, reduced by: tax deducted or collected at source taken into account; foreign tax reliefs allowed under the double taxation relief provisions and for specified territories; deduction for foreign taxes from Indian tax payable; and any specified tax credit allowed to be set off under the corporate tax credit provisions.
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Provisions expressly mentioned in the judgment/order text.
Assessed tax definition clarifies reductions for tax deducted or collected at source, foreign tax reliefs and specified tax credits.
The amendment replaces the Explanation to section 234B by defining assessed tax as the tax on total income determined under summary assessment or under regular assessment, reduced by: tax deducted or collected at source taken into account; foreign tax reliefs allowed under the double taxation relief provisions and for specified territories; deduction for foreign taxes from Indian tax payable; and any specified tax credit allowed to be set off under the corporate tax credit provisions.
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