Amendment of section 234B.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ause 83 of the Bill seeks to amend section 234B of the Income-tax Act relating to interest for defaults in payment of advance tax. The existing provisions of sub-section (1) of the aforesaid section 234B provides that the assessee is liable to pay simple interest at the rate of one per cent. for every month or part of the month on the amount of advance tax which falls short of assessed tax. Expl....