TaxTMI 
TaxTMI 
TaxTMI 
Tax on updated return.
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....x computed as per sub-section (5), before furnishing the return; and (c) the return shall be accompanied by proof of payment of such tax, additional income-tax, interest and fee. (2) The amounts referred to in sub-section (1) shall be,- (a) the amount of tax, if any, already paid as advance tax; (b) any tax deducted or collected at source; (c) any relief of tax claimed under section 157; (d) any relief of tax or deduction of tax claimed under section 159(1) or 160 on account of tax paid in a country outside India; (e) any relief of tax claimed under section 159(2) on account of tax paid in any specified territory outside India referred to in that section; and ^1[(f) any tax c....
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....included in the earlier return; (c) any relief of tax or deduction of tax claimed under section 159(1) or 160 on account of tax paid in a country outside India on such income which has not been included in the earlier return; (d) any relief of tax claimed under section 159(2) on account of tax paid in any specified territory outside India referred to in that section on such income which has not been included in the earlier return; and ^2[(e) any tax credit claimed, to be set off as per the provisions of sections 206(2)(e) to (h) and 206(3) and (4) which has not been claimed in the earlier return.] ^3[(5) (i) For the purposes of sub-sections (1) and (3), the additional income-tax payable at the time of furnishin....
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....creased by a further sum of 10% of the aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be.] (6) For the purposes of computation of "additional income-tax" under this section, tax shall include surcharge and cess, by whatever name called, on such tax. (7) Irrespective of anything contained in section 424(2), for the purposes of sub-section (3), interest payable under section 424 shall be computed on an amount equal to the assessed tax where, "assessed tax" means the tax on the total income as declared in the return to be furnished under section 263(6),- (a) after taking into account,- (i) the amount of relief or tax referred to in section 266(1), the credit for which has....
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....sion immediately following the session or the successive sessions aforesaid, both houses agree in making any modification in such guideline or both Houses agree that the guideline, should not be issued, the guideline shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that guideline. (10) For the purposes of this section,- (a) interest payable under section 423, for the purposes of sub-section (1), shall be computed on the amount of tax on the total income as declared in the return under section 263(6), as per section 266(4); (b) interest payable un....
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....a) 25% of aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be, if such return is furnished after expiry of the time available under section 263(4) or (5) and before completion of twelve months from the end of the financial year succeeding the relevant tax year; or (b) 50% of aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be, if such return is furnished after the expiry of twelve months but before completion of twenty-four months from the end of the financial year succeeding the relevant tax year; or (c) 60% of aggregate of tax and interest payable, as determined in sub-section (1) or (3), as the case may be, if such return is fu....