Interest for defaults in furnishing return of income.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... liable to pay simple interest as per the following formula:- I = 1% x A x T where,- I = the interest payable; A = the amount of tax on which interest is payable, as specified in sub-section (2); T = number of months comprised in the period commencing on the date immediately following the starting date and ending on the end date, both specified in sub-s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s determined under section 270(1) as reduced by tax paid; (b) Where a regular assessment is made, tax on the total income determined under regular assessment as reduced by tax paid. 2 (i) Where no return has been furnished under section 263(1), (4) or (6) or in response to a notice under section 268(1). Due date for furnishing the return of income under section 263(1). Date of compl....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....inst serial number 3(a). 4 (a) Where return of income is required by a notice under section 280 issued after the determination of income under section 270(1) or after the completion of an assessment under section 270(10) or 271 or 279; and (b) no return is furnished. Date immediately following the last date of time allowed under such notice. Date of completion of the reassessment or....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ll be deemed to be a notice under section 289 and the provisions of this Act shall apply accordingly; (b) where the interest is reduced, the excess interest paid, if any, shall be refunded. (4) For the purposes of this section,- (a) tax on total income as determined under section 270(1) shall not include the additional income-tax, if any, payable under section 267; (b....