Interest under section 234B now runs from determination of total income under section 143(1) or regular assessment. Amendments treat the determination of total income under sub section (1) of section 143 as equivalent to regular assessment for purposes of computing interest under section 234B, substituting that phrase into sub sections (1), (2) and (3). Explanation 1 is replaced to define 'assessed tax': for the late payment interest provision it is the tax as declared in the return, and otherwise the tax on total income as determined under the initial determination or on regular assessment, reduced by tax deducted or collected at source taken into account in computing that total income; a further Explanation excludes additional income tax from the determination.
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Interest under section 234B now runs from determination of total income under section 143(1) or regular assessment.
Amendments treat the determination of total income under sub section (1) of section 143 as equivalent to regular assessment for purposes of computing interest under section 234B, substituting that phrase into sub sections (1), (2) and (3). Explanation 1 is replaced to define "assessed tax": for the late payment interest provision it is the tax as declared in the return, and otherwise the tax on total income as determined under the initial determination or on regular assessment, reduced by tax deducted or collected at source taken into account in computing that total income; a further Explanation excludes additional income tax from the determination.
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