# The Finance Act, 2001, Section 61: Amendment of section 140A

- Act: The Finance Act, 2001
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2001/section/61/

## Text

Amendment of section 140A. 61. In section 140A of the Income-tax Act, after sub-section (1), the following sub-sections shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1989, namely:— ‘(1A) For the purposes of sub-section (1), interest payable under section 234A shall be computed on the amount of the tax on the total income as declared in the return as reduced by the advance tax, if any, paid and any tax deducted or collected at source. (1B) For the purposes of sub-section (1), interest payable under section 234B shall 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. Explanation.—For the purposes of this sub-section, "assessed tax" means the tax on the total income as declared in the return as reduced by the amount of tax deducted or collected at source, in accordance with the provisions of Chapter XVII, on any income which is subject to such deduction or collection and which is taken into account in computing such total income.’. © Copyright. Taxmann Publications Pvt. Ltd.

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