https://www.taxtmi.com/caselaws?id=798342 Interest for deferment of advance tax must be computed instalment-wise on the net tax due on returned income. Tax chargeable on returned income is reduced by foreign-tax relief and tax deducted at source credit before determining any instalment shortfall. After these credits, no shortfall arose for the first two advance-tax instalments, while only the later instalments attracted interest. Interest must therefore be recomputed on the reduced net liability, with consequential relief for any excess charge. en-us Thu, 27 Aug 2026 00:00:00 +0530 Sat, 05 Sep 2026 08:44:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798342 Interest for deferment of advance tax must be computed instalment-wise on the net tax due on returned income. Tax chargeable on returned income is reduced by foreign-tax relief and tax deducted at source credit before determining any instalment shortfall. After these credits, no shortfall arose for the first two advance-tax instalments, while only the later instalments attracted interest. Interest must therefore be recomputed on the reduced net liability, with consequential relief for any excess charge. Case-Laws Income Tax Thu, 27 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798342