https://www.taxtmi.com/acts?id=50897 Amendments treat the determination of total income under sub section (1) of section 143 as equivalent to regular assessment for purposes of computing interest under section 234B, substituting that phrase into sub sections (1), (2) and (3). Explanation 1 is replaced to define "assessed tax": for the late payment interest provision it is the tax as declared in the return, and otherwise the tax on total income as determined under the initial determination or on regular assessment, reduced by tax deducted or collected at source taken into account in computing that total income; a further Explanation excludes additional income tax from the determination. en-us Wed, 16 Apr 2025 16:54:15 +0530 Thu, 17 Apr 2025 13:15:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50897 Amendments treat the determination of total income under sub section (1) of section 143 as equivalent to regular assessment for purposes of computing interest under section 234B, substituting that phrase into sub sections (1), (2) and (3). Explanation 1 is replaced to define "assessed tax": for the late payment interest provision it is the tax as declared in the return, and otherwise the tax on total income as determined under the initial determination or on regular assessment, reduced by tax deducted or collected at source taken into account in computing that total income; a further Explanation excludes additional income tax from the determination. Act-Rules F. Acts / Amendment Acts Wed, 16 Apr 2025 16:54:15 +0530 https://www.taxtmi.com/acts?id=50897