TaxTMI 
TaxTMI 
Interest for default in payment of advance income-tax.
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....ection (2) for the period mentioned in sub-section (3) on the amount computed under sub-section (4). (2) The circumstances referred to in sub-section (1) shall be the following, namely:— (a) where the assessee is liable to pay advance income-tax under section 205 and has failed to pay such tax; or (b) where the advance income-tax paid by such assessee is less than ninety per cent. of the a....
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....tax less the advance tax, for the period up to the date on which the self assessment tax is paid; and (ii) the assessed tax less the advance tax and such self-assessment tax, for the period commencing immediately after the date on which such self-assessment tax is paid. (5) The assessed tax referred to in sub-section (4) shall be calculated in accordance with the following formula— A - B ....
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....he interest, if any, paid under section 147 towards the interest chargeable under this section; and (ii) thereafter, at the rate specified in sub-section (1) on the amount by which the tax so paid together with the advance tax paid falls short of the assessed tax. (7) In a case where as a result of reassessment under section 159 (not being an assessment made for the first time), the amount of ....