https://www.taxtmi.com/circulars?id=10274 Levy of interest under section 139(8) is to be computed on the tax that would have been payable if a registered firm (or an unregistered firm assessed under the special provision) had been assessed as an unregistered firm; Explanation 2 to clause (a) of sub section (8) of section 139(2) mandates use of that hypothetical tax base, so interest is chargeable even where the firm's actual assessment shows total income below the taxable minimum. en-us Wed, 06 Nov 1974 00:00:00 +0530 Mon, 13 Jun 2011 13:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10274 Levy of interest under section 139(8) is to be computed on the tax that would have been payable if a registered firm (or an unregistered firm assessed under the special provision) had been assessed as an unregistered firm; Explanation 2 to clause (a) of sub section (8) of section 139(2) mandates use of that hypothetical tax base, so interest is chargeable even where the firm's actual assessment shows total income below the taxable minimum. Circulars Income Tax Wed, 06 Nov 1974 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10274