https://www.taxtmi.com/acts?id=19623 The amendment requires assessees who file settlement applications to pay simple interest at the prescribed monthly rate on additional tax from the first day of April of the assessment year until the application date; where a settlement order increases disclosed income, interest runs from the first day of April until the order date on the tax difference, and any subsequent settlement variation adjusts interest. It substitutes the reassessment/recomputation provision to impose simple interest from the first day of April following the financial year until reassessment or recomputation on the increase in tax determined, and omits a prior textual reference to settlement orders in the related subsection. en-us Thu, 07 May 2015 14:15:46 +0530 Sat, 09 May 2015 12:30:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=19623 The amendment requires assessees who file settlement applications to pay simple interest at the prescribed monthly rate on additional tax from the first day of April of the assessment year until the application date; where a settlement order increases disclosed income, interest runs from the first day of April until the order date on the tax difference, and any subsequent settlement variation adjusts interest. It substitutes the reassessment/recomputation provision to impose simple interest from the first day of April following the financial year until reassessment or recomputation on the increase in tax determined, and omits a prior textual reference to settlement orders in the related subsection. Act-Rules F. Acts / Amendment Acts Thu, 07 May 2015 14:15:46 +0530 https://www.taxtmi.com/acts?id=19623