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of <h1>Amendment to Section 234B: Tax Credits Under Section 115JD Can Offset Assessed Tax from April 2013 Onward.</h1> Clause 83 of the Finance Bill, 2012 proposes an amendment to section 234B of the Income-tax Act, which addresses interest on defaults in advance tax payments. The amendment involves inserting 'or section 115JD' into clause (v) of Explanation 1 in sub-section (1), allowing tax credits under section 115JD to be set off against assessed tax. This change, effective from April 1, 2013, will apply to the assessment year 2013-2014 and subsequent years. The existing provision mandates a one percent monthly interest on unpaid advance tax amounts.
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