(1)Where the return of income for any assessment year under sub-section (1) or sub-section (4) or sub-section (8A) 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 shall be liable to pay simple interest at the rate of [one per cent.] [ Substituted by Act 54 of 2003, Section 12, for " one and one-fourth per cent." (w.r.e.f. 8.9.2003).] 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, [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,- [ Substituted by Act 21 of 2006, Section 48, for " on the amount of the tax on the total income as determined under sub-section (1) of section 143 or on regular assessment as reduced by the advance tax, if any, paid and any tax deducted or collected at source" (w.e.f. 1.4.2007).](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 90-A 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 115-JAA.]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.Explanation 2.—In this sub-section,—(i)"tax on total income as determined under sub-section (1) of section 143" shall not include the additional income-tax, if any, payable under section 140B or section 143; and(ii)tax on the total income determined under regular assessment shall not include the additional income-tax payable under section 140B.Explanation 3. -Where, in relation to an assessment year, an assessment is made for the first time [under section 147 or section 153-A] [ Substituted by Act 32 of 2003, Section 89, for certain words (w.e.f. 1.6.2003).], the assessment so made shall be regarded as a regular assessment for the purposes of this section.[* * *] [ Explanation 4 omitted by Act 14 of 2001, Section 78 (w.r.e.f. 1.4.1989).]
