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Interest on Advance Tax Defaults Calculated on Assessed Tax, Not Returned Income, Per Section 234B, Explanation 1.

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....Computation of interest u/s 234B - assessed tax versus tax on returned income - interest for default in payment of advance tax u/s 234B of the Act in the case of regular assessment needs to be computed on the assessed tax as provided in Explanation 1 to Section 234B(1) - AT....

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