https://www.taxtmi.com/article/detailed?id=15012 Part E (Sections 423-426) of the new Income Tax Act, 2025 imposes simple interest for late returns, shortfall or deferment of advance tax, and excess refunds. Section 423 prescribes monthly interest on tax determined under best-judgment or regular assessments less tax paid, with charging periods defined for notices, escaped assessments and reassessments; adjustments follow appellate or revision orders. Section 424 requires monthly interest for underpayment of advance tax, defines assessed tax and tax paid, and applies additional interest on increased shortfalls after reassessment. Section 426 charges interest on wrongful or excess refunds from grant until reassessment. en-us Wed, 27 Aug 2025 08:41:28 +0530 Wed, 27 Aug 2025 08:41:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=15012 Part E (Sections 423-426) of the new Income Tax Act, 2025 imposes simple interest for late returns, shortfall or deferment of advance tax, and excess refunds. Section 423 prescribes monthly interest on tax determined under best-judgment or regular assessments less tax paid, with charging periods defined for notices, escaped assessments and reassessments; adjustments follow appellate or revision orders. Section 424 requires monthly interest for underpayment of advance tax, defines assessed tax and tax paid, and applies additional interest on increased shortfalls after reassessment. Section 426 charges interest on wrongful or excess refunds from grant until reassessment. Articles Income Tax Wed, 27 Aug 2025 08:41:28 +0530 https://www.taxtmi.com/article/detailed?id=15012