Interest for default in furnishing tax-bases accrues monthly until return is filed or assessment completed, subject to adjustments. Interest for default in furnishing return of tax-bases is payable at one per cent per month where returns are late, not furnished, or furnished after a notice issued post-assessment; the charge period runs from the day after the due date or after expiry of time allowed under a notice until filing or assessment completion. The taxable amount equals tax determined on assessment or reassessment minus advance tax, tax deducted/collected at source, foreign tax reliefs and available tax credits. Interest already paid under the specified provision is credited, interest adjusts with modifications to assessed income, demand notice is issued for increases and excess interest is refunded when reduced.
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.
Interest for default in furnishing tax-bases accrues monthly until return is filed or assessment completed, subject to adjustments.
Interest for default in furnishing return of tax-bases is payable at one per cent per month where returns are late, not furnished, or furnished after a notice issued post-assessment; the charge period runs from the day after the due date or after expiry of time allowed under a notice until filing or assessment completion. The taxable amount equals tax determined on assessment or reassessment minus advance tax, tax deducted/collected at source, foreign tax reliefs and available tax credits. Interest already paid under the specified provision is credited, interest adjusts with modifications to assessed income, demand notice is issued for increases and excess interest is refunded when reduced.
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