Interest on late tax returns: monthly interest applied under new provision with clarified computation and adjustment mechanism.
A formulaic charging provision imposes simple monthly interest on tax due where returns are filed late or not filed, with a matrix of scenarios specifying for each the starting date, ending date and tax base for interest computation. The clause mandates adjustment of interest following appellate or revisional orders to reflect the final tax, permits reduction by previously paid interest and credits, excludes certain additional taxes from the tax base, and deems specified first time assessments as regular assessments for interest purposes.