TaxTMI 
TaxTMI 
TaxTMI 
Interest for defaults in payment of advance tax
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.... total income under sub-section (1) of section 143 4[and where a regular assessment is made, to the date of such regular assessment, on an amount]] equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid as aforesaid falls short of the assessed tax. 5[Explanation 1.-In this section, "assessed tax" means the tax on the total income determined under sub-section (1) of section 143 and where a regular assessment is made, the tax on the total income determined under such regular assessment as reduced by the amount of,- (i) any tax deducted or collected at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is taken into account ....
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....section up to the date on which the tax is so paid, and reduced by the interest, if any, paid under section 140A towards the interest chargeable under this section; (ii) thereafter, interest shall be calculated at the rate aforesaid on the amount by which the tax so paid together with the advance tax paid falls short of the assessed tax. 17[(2A) (a) Where an application under sub-section (1) of section 245C for any assessment year has been made, the assessee shall be liable to pay simple interest at the rate of one per cent. for every month or part of a month comprised in the period commencing on the 1st day of April of such assessment year and ending on the date of making such application, on the additional amount of income-tax referred....
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....on the amount by which the tax on the total income determined on the basis of the reassessment or recomputation exceeds the tax on the total income determined under sub-section (1) of section 143 or on the basis of the regular assessment as referred to in sub-section (1), as the case may be.] (4) Where, as a result of an order under section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 19[****], the amount on which interest was payable under sub-section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and- (i) in a case where the interest is increased, the Assessing Officer shall serve on the ass....
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.... the total income determined under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of Chapter XVII on any income which is subject to such deduction or collection and which is taken into account in computing such total income." Earlier, Substituted vide Section 39 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as, "Explanation 1 : In this section, "assessed tax" means the tax on the total income determined on the basis of the regular assessment,-as reduced by the amount of tax deducted at source in accordance with the provisions of Chapter XVII-B on any income which is subject to such ....
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....before it was read as, "one and one-fourth" Earlier, Substituted vide Section 82 of the Finance Act, 1999 w.e.f. 01-06-1999 before it was read as, "two" And was Substituted vide Section 79 of the Finance Act, 2001 w.e.f. 01-06-2001 before it was read as, "one and one-half" 11. Substituted vide Section 39 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as, "the date of the regular assessment" 12. Substituted vide Section 42 of the Finance Act, 1995 w.e.f. 01-04-1989 before it was read as, "or regular assessment referred to in sub-section (1)" 13. Inserted vide Section 90 of the Finance Act, 2003 w.e.f. 01-06-2003 14. Inserted vide Section 39 of th....