Advance tax interest: relief under income tax relief reduces taxable income for computing interest on deferment. The amendment treats relief allowed under income tax relief as deductible from tax on returned income for the purpose of computing interest for deferment of advance tax, clarifying that such relief reduces the tax base used to calculate interest on underpayment or deferment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Advance tax interest: relief under income tax relief reduces taxable income for computing interest on deferment.
The amendment treats relief allowed under income tax relief as deductible from tax on returned income for the purpose of computing interest for deferment of advance tax, clarifying that such relief reduces the tax base used to calculate interest on underpayment or deferment.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.