Insertion of new sections 234A, 234B and 234C

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....ate of two per cent. for every month or part of a month comprised in the period commencing on the date immediately following the due date, and,- (a) where the return is furnished after the due date, ending on the date of furnishing of the return; or (b) where no return has been furnished, ending on the date of completion of the assessment under section 144, on the amount of the tax on the total income as determined on re- gular assessment as reduced by the advance tax, if any, paid and any tax deducted at source. Explanation 1 .- In this section, "due date" means the date specified in sub-section (1) of section 139 as applicable in the case of the assessee. Explanation 2 .- In this sub-section and sub-section (3), "tax on the tota....

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.... assessment aforesaid. Explanation .- In this sub-section, "tax on the total income determined on the basis of the re-assessment or re-computation under section 147" shall not include the additional income-tax, if any, payable under section 158B. (4) Where, as a result of an order under section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 or an order of the Settlement Commission under sub-section (4) of section 245D, the amount of tax on which interest was payable under sub-section (1) or sub-section (3) of this section has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and- (i) in a case where the interest is increa....

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....provisions of Chapter XVIIB on any income which is subject to such deduction and which is taken into account in computing such total income. Explanation 2 .- Where in relation to an assessment year, an assessment is made for the first time under section 147, the assessment so made shall be regarded as a regular assessment for the purposes of this section. Explanation 3 .- In Explanation 1 and in sub-section (3), "tax on the total income determined on the basis of the regular assessment" shall not include the additional income-tax, if any, payable under section 158B. (2) Where, before the date of completion of a regular assessment, tax is paid by the assessee under section 140A or otherwise,- (i) interest shall be calculated in accor....

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....t Commission under sub-section (4) of section 245D, the amount on which interest was payable under sub-section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and - (i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the nim payable and such notice of demand shall be deemed to be a notice under section 150 and the provisions of this Act shall apply accordingly; (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded. (5) The provisions of this section shall apply in respect of assessments for the assessment year comm....