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of <h1>Government must pay 15% simple interest on excess advance tax payments from April 1 until regular assessment; adjustments on reassessment</h1> The government must pay simple interest at 15% per annum where advance tax instalments exceed assessed tax, calculated from April 1 following the financial year until the date of regular assessment; instalments paid after the financial year earn interest from their payment date. If interest-bearing amounts are later increased or reduced by reassessment or specified orders, interest is adjusted accordingly and any excess interest recovered by notice of demand. Interest on refunded amounts is payable only up to the refund date. Certain transitional application rules and definitions govern which assessments and reassessments are treated as regular assessments.
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