Interest for defaults in furnishing return of income.

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....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-section (....

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....der 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.  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....

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....70(1) or 271 or 279.  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.  The last date of time allowed under such notice.  Date of completion of the reassessment or recom....

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....ed 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) tax on t....