https://www.taxtmi.com/acts?id=11866 Interest for default in furnishing return of tax-bases is payable at one per cent per month where returns are late, not furnished, or furnished after a notice issued post-assessment; the charge period runs from the day after the due date or after expiry of time allowed under a notice until filing or assessment completion. The taxable amount equals tax determined on assessment or reassessment minus advance tax, tax deducted/collected at source, foreign tax reliefs and available tax credits. Interest already paid under the specified provision is credited, interest adjusts with modifications to assessed income, demand notice is issued for increases and excess interest is refunded when reduced. en-us Fri, 17 Sep 2010 11:37:18 +0530 Fri, 17 Sep 2010 11:37:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=11866 Interest for default in furnishing return of tax-bases is payable at one per cent per month where returns are late, not furnished, or furnished after a notice issued post-assessment; the charge period runs from the day after the due date or after expiry of time allowed under a notice until filing or assessment completion. The taxable amount equals tax determined on assessment or reassessment minus advance tax, tax deducted/collected at source, foreign tax reliefs and available tax credits. Interest already paid under the specified provision is credited, interest adjusts with modifications to assessed income, demand notice is issued for increases and excess interest is refunded when reduced. Act-Rules Bills Fri, 17 Sep 2010 11:37:18 +0530 https://www.taxtmi.com/acts?id=11866