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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Income-tax Act Section 234B: Deduct Section 89 Relief for Interest on Advance Tax Defaults, Retroactive from 2007.</h1> Clause 53 of the Finance (No. 2) Bill, 2019 amends section 234B of the Income-tax Act, which deals with interest for defaults in advance tax payments. The amendment introduces a new clause (ia) in Explanation 1 to sub-section (1), specifying that any tax relief allowed under section 89 should be deducted from the total income tax when calculating interest under section 234B. This amendment is retroactively effective from April 1, 2007, applying to the assessment year 2007-08 and subsequent years.
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