Section-40 Interest for default in furnishing return and payment or deferment of advance tax

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Section-40 Interest for default in furnishing return and payment or deferment of advance tax.

1.     Where the assessee has any income from a source outside India which has not been disclosed in the return of income furnished under sub-section (1) of section 139 of the Income-tax Act or the return of income has not been furnished under the said subsection, interest shall be chargeable in accordance with the provisions of section 234A of the Income-tax Act.

2.     Where the assessee has any undisclosed income from a source outside India and the advance tax on such income has not been paid in accordance with Part C of Chapter XVII of the Income-tax Act, interest shall be chargeable in accordance with the provisions of sections 234B and 234C of the Income-tax Act

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