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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2015 amends Section 234B: 1% interest on extra tax for disclosures under Sections 245C, 147, 153A.</h1> Section 234B of the Income-tax Act was amended by the Finance Act, 2015, effective June 1, 2015. A new sub-section (2A) was added, requiring assessees to pay 1% simple interest per month on additional income-tax amounts when applying under section 245C or upon an increase in disclosed income following a Settlement Commission order. Sub-section (3) was revised to impose similar interest on increased tax amounts due to reassessment or recomputation under sections 147 or 153A. Additionally, references to orders from the Settlement Commission under section 245D(4) were removed from sub-section (4).
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