Interest for delayed tax returns: credit under section 115JD now reduces the tax base used to compute interest. Amendment inserts reference to section 115JD into clause (vi) of sub section (1) of section 234A so that the tax credit allowed to be set off under section 115JD is reduced from the tax on total income when computing simple interest for defaults in furnishing returns.
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Interest for delayed tax returns: credit under section 115JD now reduces the tax base used to compute interest.
Amendment inserts reference to section 115JD into clause (vi) of sub section (1) of section 234A so that the tax credit allowed to be set off under section 115JD is reduced from the tax on total income when computing simple interest for defaults in furnishing returns.
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