Interest for defaults in furnishing return of income

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... after the due date, ending on the date of furnishing of the return; or (b) where no return has been furnished, ending on the date of completion of the assessment under section 144, 3[on the amount of the tax on the total income as determined under sub-section (1) of section 143, and where a regular assessment is made, on the amount of the tax on the total income determined under regular assessment, as reduced by the amount of,- (i) advance tax, if any, paid; (ii) any tax deducted or collected at source; 14[(iia) any relief of tax allowed under section 89;] (iii) any relief of tax allowed under section 90 on account of tax paid in a country outside India; (iv) any relief of tax allowed under section 90A on account of tax paid i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....der sub-section (3) of section 143 or section 144 or section 147, is furnished after the expiry of the time allowed under such notice, or is not furnished, the assessee shall be liable to pay simple interest at the rate of 9[one] per cent for every month or part of a month comprised in the period commencing on the day immediately following the expiry of the time allowed as aforesaid, and,- (a) where the return is furnished after the expiry of the time aforesaid, ending on the date of furnishing the return; or (b) where no return has been furnished, ending on the date of completion of the re-assessment or re-computation under section 147 10[or reassessment under section 153A], on the amount by which the tax on the total income determine....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... read as, "one and one-fourth" Earlier, Substituted vide Section 81 of the Finance Act, 1999 w.e.f. 01-06-1999 before it was read as, "two" And was Substituted vide Section 78 of the Finance Act, 2001 w.e.f. 01-06-2001 before it was read as, "one and one-half" 3. Substituted vide Section 48 of the Finance Act, 2006 w.e.f. 01-04-2007 before it was read as,  "on the amount of the tax on the total income as determined under sub-section (1) of section 143 or on regular assessment as reduced by the advance tax, if any, paid and any tax deducted or collected at source" Earlier, Amended vide Section 38 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 4. Substituted vide Secti....