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of <h1>Changes to Section 214: 'Assessed Tax' Defined, New Interest Adjustments, Clarifications on Regular Assessments in Tax Law</h1> The amendment to Section 214 of the Income-tax Act, 1961, under the Taxation Laws (Amendment) Act, 1984, involves several changes. In sub-section (1), the term 'tax determined on regular assessment' is replaced with 'assessed tax.' A new sub-section (1A) is introduced, specifying adjustments to interest based on orders under certain sections, with provisions for notice of demand if interest is reduced. Explanations are added to define 'assessed tax' and clarify that an assessment under Section 147 is considered a regular assessment for this section's purposes.
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