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of <h1>Finance Act 2022: New Rules for Updated Tax Returns, Section 140B, and Interest Calculation per Section 234B Explained.</h1> The Finance Act, 2022 introduced provisions allowing taxpayers to file an updated return within two years from the end of the relevant assessment year, subject to certain conditions and additional tax payments. Section 140B was added to determine the additional tax amount, while sub-section (4) of this section addresses interest computation under section 234B on the updated return tax. Interest is calculated on the difference between assessed tax and advance tax paid. An amendment clarifies that interest should be computed on the assessed tax minus advance tax claimed in previous returns. This change is effective retroactively from April 1, 2022.
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