Amendment of section 234B

In force Act 20 of 2015 As on 11 Oct 2026

Act 20 of 2015 Ministry Finance

Section 57 of the Finance Act, 2015 deals with amendment of section 234B. Amendment of section 234B. 57. In section 234B of the Income-tax Act, with effect from the 1st day of June, 2015,— (i) | after sub-section (2), the following sub-section shall be inserted, namely:— "(2A)(a) Where an application under sub-section (1) of section 245C for any assessment year has been m

Amendment of section 234B.
57. In section 234B of the Income-tax Act, with effect from the 1st day of June, 2015,—
(i) after sub-section (2), the following sub-section shall be inserted, namely:—
"(2A)(a) Where an application under sub-section (1) of section 245C for any assessment year has been made, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the period commencing on the 1st day of April of such assessment year and ending on the date of making such application, on the additional amount of income-tax referred to in that sub-section.
(b)Where as a result of an order of the Settlement Commission under sub-section (4) of section 245D for any assessment year, the amount of total income disclosed in the application under sub-section (1) of section 245C is increased, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the period commencing on the 1st day of April of such assessment year and ending on the date of such order, on the amount by which the tax on the total income determined on the basis of such order exceeds the tax on the total income disclosed in the application filed under sub-section (1) of section 245C.
(c) Where, as a result of an order under sub-section (6B) of section 245D, the amount on which interest was payable under clause (b)has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly.";
(ii) for sub-section (3), the following sub-section shall be substituted, namely:—
"(3) Where, as a result of an order of reassessment or recomputation under section 147 or section 153A, the amount on which interest was payable in respect of shortfall in payment of advance tax for any financial year under sub-section (1) is increased, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the period commencing on the 1st day of April next following such financial year and ending on the date of the reassessment or recomputation under section 147 or section 153A, on the amount by which the tax on the total income determined on the basis of the reassessment or recomputation exceeds the tax on the total income determined under sub-section (1) of section 143 or on the basis of the regular assessment as referred to in sub-section (1), as the case may be.";
(iii) in sub-section (4), the words, brackets, figures and letter "or an order of the Settlement Commission under sub-section (4) of section 245D" shall be omitted.
Section 57, The Finance Act, 2015 (Act 20 of 2015).

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Questions about Section 57

What does Section 57 of the Finance Act deal with?

Section 57 of the Finance Act is headed "Amendment of section 234B". Amendment of section 234B. 57. In section 234B of the Income-tax Act, with effect from the 1st day of June, 2015,— (i) | after sub-section (2), the following sub-section shall be inserted, namely:— "(2A)(a) Where an application under sub-section (1) of section 245C for any assessment year has been m

How do I find court cases under Section 57 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2015 57, section 57 Finance Act 2015, section 57 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 57 of the Finance Act, and has it changed?

Its own text turns on section 143 (Amendment of section 46), section 147 (Amendment of section 8), Income-tax Act 234B (Interest for defaults in payment of advance tax), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2015 as Act 20 of 2015. India Code records no commencement date for it. It is in force as at the date shown on this page.

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First Schedule. First Schedule8029 words
Fifth Schedule. Fifth Schedule4392 words
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94. Substitution of new section for section 11AC1125 words
6. Insertion of new section 9A1095 words
5. Amendment of section 91039 words

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(i)		after sub-section (2), the following sub-section shall be inserted, namely:—
		"(2A)(a) Where an application under sub-section (1) of section 245C for any assessment year has been made, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the period commencing on the 1st day of April of such assessment year and ending on the date of making such application, on the additional amount of income-tax referred to in that sub-section.
		(b)Where as a result of an order of the Settlement Commission under sub-section (4) of section 245D for any assessment year, the amount of total income disclosed in the application under sub-section (1) of section 245C is increased, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the period commencing on the 1st day of April of such assessment year and ending on the date of such order, on the amount by which the tax on the total income determined on the basis of such order exceeds the tax on the total income disclosed in the application filed under sub-section (1) of section 245C.
		(c) Where, as a result of an order under sub-section (6B) of section 245D, the amount on which interest was payable under clause (b)has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly.";
(ii)		for sub-section (3), the following sub-section shall be substituted, namely:—
		"(3) Where, as a result of an order of reassessment or recomputation under section 147 or section 153A, the amount on which interest was payable in respect of shortfall in payment of advance tax for any financial year under sub-section (1) is increased, the assessee shall be liable to pay simple interest at the rate of one per cent for every month or part of a month comprised in the period commencing on the 1st day of April next following such financial year and ending on the date of the reassessment or recomputation under section 147 or section 153A, on the amount by which the tax on the total income determined on the basis of the reassessment or recomputation exceeds the tax on the total income determined under sub-section (1) of section 143 or on the basis of the regular assessment as referred to in sub-section (1), as the case may be.";
(iii)		in sub-section (4), the words, brackets, figures and letter "or an order of the Settlement Commission under sub-section (4) of section 245D" shall be omitted.