Interest under section 234A recalculated based on tax determined under section 143(1) or regular assessment for returns. Amendment directs that interest under section 234A be computed on the 'tax on the total income' as determined under subsection (1) of section 143 or on regular assessment, reduced by advance tax and any tax deducted or collected at source; clarifies that such tax excludes additional income tax under section 143; deems that tax for computing interest under section 140A is to be treated as tax declared in the return; and updates sub section (3) to refer to determinations after subsection (1) of section 143 while omitting its prior Explanation.
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Interest under section 234A recalculated based on tax determined under section 143(1) or regular assessment for returns.
Amendment directs that interest under section 234A be computed on the "tax on the total income" as determined under subsection (1) of section 143 or on regular assessment, reduced by advance tax and any tax deducted or collected at source; clarifies that such tax excludes additional income tax under section 143; deems that tax for computing interest under section 140A is to be treated as tax declared in the return; and updates sub section (3) to refer to determinations after subsection (1) of section 143 while omitting its prior Explanation.
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