Computation of interest now measured on assessed tax reduced by advance tax credit claimed in earlier return. Amendment provides that interest payable under section 234B shall be computed on the assessed tax as reduced by the amount of advance tax credit claimed in an earlier return, if any, thereby removing the provision that interest be computed on the shortfall amount and expressly limiting reduction to credited advance tax.
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Computation of interest now measured on assessed tax reduced by advance tax credit claimed in earlier return.
Amendment provides that interest payable under section 234B shall be computed on the assessed tax as reduced by the amount of advance tax credit claimed in an earlier return, if any, thereby removing the provision that interest be computed on the shortfall amount and expressly limiting reduction to credited advance tax.
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