Amendment of section 234A.

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Full Text of the Document

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....ll seeks to amend section 234A of the Income-tax Act relating to interest for defaults in furnishing return of income. The existing provisions of sub-section (1) of the aforesaid section 234A provides that the assessee is liable to pay simple interest at the rate of one per cent. for every month or part of a month on the amount of the tax on the total income as reduced by the advance tax, if any,....