https://www.taxtmi.com/acts?id=51968 Interest is chargeable for default in furnishing a return of income where the return is filed after the due date or is not furnished. The section prescribes simple interest at the specified monthly rate on the relevant tax amount, with the period and base tax determined according to the filing, non-filing, or reassessment circumstance. Later orders may increase or reduce the interest, in which case demand notice or refund consequences follow, and the computation excludes additional income-tax while giving credit for tax paid and certain tax credits. en-us Thu, 14 Aug 2025 18:23:30 +0530 Mon, 06 Apr 2026 13:16:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51968 Interest is chargeable for default in furnishing a return of income where the return is filed after the due date or is not furnished. The section prescribes simple interest at the specified monthly rate on the relevant tax amount, with the period and base tax determined according to the filing, non-filing, or reassessment circumstance. Later orders may increase or reduce the interest, in which case demand notice or refund consequences follow, and the computation excludes additional income-tax while giving credit for tax paid and certain tax credits. Act-Rules Income Tax Thu, 14 Aug 2025 18:23:30 +0530 https://www.taxtmi.com/acts?id=51968