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of <h1>Amendment to Section 215: New Interest Calculation Rule for Tax Shortfall Before Regular Assessment Completion.</h1> Section 215 of the Income Tax Act has been amended by the Finance Act, 1963. The amendment replaces subsection (2) with a new provision regarding the calculation of interest. It specifies that before the completion of a regular assessment, if a provisional assessment is made under section 141 or tax is paid by the taxpayer otherwise, interest is calculated up to the date of payment. After that, interest is calculated on any shortfall in tax payment related to income subject to advance tax, specifically if it falls short of seventy-five percent.
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