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of <h1>Finance Bill 2015 amends Section 234B to impose 1% monthly interest on additional tax for Section 245C applications.</h1> Clause 56 of the Finance Bill, 2015 amends section 234B of the Income-tax Act, introducing sub-section (2A) to impose a 1% monthly interest on additional income tax for applications under section 245C. This applies from April 1 of the assessment year until the application date. If the Settlement Commission increases disclosed income, the same interest applies on the excess tax. Sub-section (3) is revised to calculate interest from April 1 following the financial year until reassessment under sections 147 or 153A. The amendments are effective from June 1, 2015, and omit certain references in sub-section (4).
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