Interest on advance tax: relief under section 89 must be reduced from taxable income for interest computation. Amendment specifies that 'any relief of tax allowed under section 89' shall be reduced from tax on total income when computing interest for defaults in payment of advance tax, by inserting a new clause in Explanation 1 to sub-section (1) of section 234B; the provision is declared retrospective and applies to the assessment year commencing after the effective date and subsequent years.
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Provisions expressly mentioned in the judgment/order text.
Interest on advance tax: relief under section 89 must be reduced from taxable income for interest computation.
Amendment specifies that "any relief of tax allowed under section 89" shall be reduced from tax on total income when computing interest for defaults in payment of advance tax, by inserting a new clause in Explanation 1 to sub-section (1) of section 234B; the provision is declared retrospective and applies to the assessment year commencing after the effective date and subsequent years.
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