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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Interest Payment Guidelines u/s 214: Clarification on Advance Tax vs. Regular Assessment Differences and Rectification Impacts.</h1> The circular addresses the payment of interest under Section 214 of the Income Tax Act, 1961, concerning the difference between advance tax and tax determined on regular assessment. It clarifies that interest is payable up to the date of the first regular assessment, as defined in sections 143 or 144, and cannot be altered due to changes from appellate or revision orders under sections 263/264. However, if a rectification under section 154 is required due to apparent mistakes, the interest calculation may be adjusted based on the rectified order.
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