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of <h1>Finance Act 2001 amends Section 234B: Interest rate reduced, 'assessed tax' definition clarified from 1989.</h1> Section 234B of the Income-tax Act was amended by the Finance Act, 2001. The amendment reduced the interest rate from 'one and one-half per cent' to 'one and one-fourth per cent' effective from June 1, 2001. Additionally, Explanation 1 was revised to clarify the definition of 'assessed tax,' which refers to the tax on total income determined under section 143(1) or regular assessment, reduced by tax deducted or collected at source as per Chapter XVII, applicable from April 1, 1989.
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