https://www.taxtmi.com/forum/issue?id=108120 Amendments revise interest computation for advance tax defaults so that for reassessments the interest period begins on the first day of April following the financial year and ends on the date of reassessment. A new provision requires assessees who file applications before the Settlement Commission disclosing additional income to pay simple interest from the first day of April of the assessment year until the date of application; if the Commission's order further increases disclosed income, interest applies on the incremental tax from the same April date until the date of the order. en-us Sat, 28 Feb 2015 20:16:13 +0530 Thu, 23 Jan 2025 15:57:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=108120 Amendments revise interest computation for advance tax defaults so that for reassessments the interest period begins on the first day of April following the financial year and ends on the date of reassessment. A new provision requires assessees who file applications before the Settlement Commission disclosing additional income to pay simple interest from the first day of April of the assessment year until the date of application; if the Commission's order further increases disclosed income, interest applies on the incremental tax from the same April date until the date of the order. Discussion-Forum Income Tax Sat, 28 Feb 2015 20:16:13 +0530 https://www.taxtmi.com/forum/issue?id=108120