India - Income Tax Act 2010 - Saarc

S. 140A I.T. ACT, 1961 1.658(iii) any relief of tax or deduction of tax claimed under section 90 orsection 91 on account of tax paid in a country outside India;(iv) any relief of tax claimed under section 90A on account of tax paid inany specified territory outside India referred to in that section; and(v) any tax credit claimed to be set off in accordance with the provisionsof section 115JAA,]18[the assessee shall be liable to pay such tax together with interest payable underany provision of this Act for any delay in furnishing the return or any default ordelay in payment of advance tax, before furnishing the return and the returnshall be accompanied by proof of payment of such tax and interest 19 .]20[Explanation.—Where the amount paid by the assessee under this sub-sectionfalls short of the aggregate of the tax and interest as aforesaid, the amount so paidshall first be adjusted towards the interest payable as aforesaid and the balance,if any, shall be adjusted towards the tax payable.]21[(1A) For the purposes of sub-section (1), interest payable,—22[(i) under section 234A shall be computed on the amount of the tax on thetotal income as declared in the return as reduced by the amount of,—(a) advance tax, if any, paid;(b) any tax deducted or collected at source;(c) any relief of tax or deduction of tax claimed under section 90 orsection 91 on account of tax paid in a country outside India;(d) any relief of tax claimed under section 90A on account of tax paidin any specified territory outside India referred to in that section;and(e) any tax credit claimed to be set off in accordance with theprovisions of section 115JAA;](ii) under section 115WK shall be computed on the amount of tax on thevalue of the fringe benefits as declared in the return as reduced by theadvance tax, paid, if any.]23[(1B) For the purposes of sub-section (1), interest payable under section 234Bshall be computed on an amount equal to the assessed tax or, as the case may be,on the amount by which the advance tax paid falls short of the assessed tax.18. Substituted for “the assessee shall be liable to pay such tax before furnishing the returnand the return shall be accompanied by proof of payment of such tax” by the Direct TaxLaws (Amendment) Act, 1987, w.e.f. 1-4-1989.19. See rule 12.20. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.21. Substituted by the Finance Act, 2005, w.e.f. 1-4-2006. Prior to its substitution, sub-section(1A), as inserted by the Finance Act, 2001, w.r.e.f. 1-4-1989, read as under :“(1A) For the purposes of sub-section (1), interest payable under section 234A shall becomputed on the amount of the tax on the total income as declared in the return asreduced by the advance tax, if any, paid and any tax deducted or collected at source.”22. Substituted by the Finance Act, 2006, w.e.f. 1-4-2007. Prior to its substitution, clause (i)read as under :“(i) under section 234A shall be computed on the amount of the tax on the total incomeas declared in the return as reduced by the advance tax, if any, paid and any taxdeducted or collected at source;”23. Inserted by the Finance Act, 2001, w.r.e.f. 1-4-1989.