Interest computation on updated returns clarified: interest calculated on assessed tax reduced by claimed advance tax credit, retrospective. The amendment specifies that interest under the general interest provision shall be computed on the assessed tax reduced by the amount of advance tax ... Summary
Interest computation on updated returns clarified: interest calculated on assessed tax reduced by claimed advance tax credit, retrospective.
The amendment specifies that interest under the general interest provision shall be computed on the assessed tax reduced by the amount of advance tax credit claimed in the earlier return, if any; this clarification applies to interest computation for updated returns and is made retrospective to the commencement of the updated return regime.
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