Interest on defaulted advance tax: tax credit setoff now reduces assessed tax for computing advance tax interest. The amendment adds section 115JD to the list in Explanation 1 to subsection (1) of section 234B so that tax credit allowed under section 115JD is deducted ... Summary
Interest on defaulted advance tax: tax credit setoff now reduces assessed tax for computing advance tax interest.
The amendment adds section 115JD to the list in Explanation 1 to subsection (1) of section 234B so that tax credit allowed under section 115JD is deducted from assessed tax when computing interest for defaults in payment of advance tax.
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