53[F.—Interest chargeable in certain cases54
Interest
for defaults in furnishing return of income.
234A. (1)
Where the return of income for any assessment year under sub-section (1) or
sub-section (4) of section 139, or in response to
a notice under sub-section (1) of section 142, is
furnished after the due date, or is not furnished, the assessee shall55 be liable to pay simple interest at the rate
of 56[one] per cent for every month or part of a month comprised in the
period commencing on the date immediately following the due date, and,—
(a) where the return is furnished after the due date, ending on
the date of furnishing of the return; or
(b) where no return has been furnished, ending on the date of
completion of the assessment under section 144,
57[on the amount of the tax on the total income
as determined under sub-section (1) of section 143,
and where a regular assessment is made, on the amount of the tax on the total
income determined under regular assessment, as reduced by the amount of,—
(i) advance tax, if any, paid;
(ii) any tax deducted or collected at source;
(iii) any relief of tax allowed under section 90 on account of tax paid in a country outside
India;
(iv) any relief of tax allowed under section 90A on account of tax paid in a specified
territory outside India referred to in that section;
(v) any deduction, from the Indian income-tax
payable, allowed under section 91, on account of
tax paid in a country outside India; and
(vi) any tax credit allowed to be set off in
accordance with the provisions of section 115JAA.]
Explanation 1.—In this section, “due date” means the date
specified in sub-section (1) of section 139 as
applicable in the case of the assessee.
58[Explanation 2.—In this sub-section,
“tax on the total income as determined under sub-section (1) of section 143” shall not include the additional
income-tax, if any, payable under section 143.]
Explanation 3.—Where, in relation to an assessment year, an
assessment is made for the first time under