Every person, before submitting a return of income under:
(i) Section 139 or
(ii) Section 142(1) or
(iii) Section 148 or
(iv) Section 153A,
The assessee shall be liable to pay such tax together with interest and fee payable for any delay in furnishing the return or any default or delay in payment of advance tax.
(i) Compute the total income;
(ii) Calculate the tax payable on the total income at the rates in force;
(iii) Add surcharge, if applicable, on tax computed;
(iv) Add health and education Cess @ 4%;
(v) From the tax payable, calculated under step (iv), deduct the following:
(a) the amount of tax, if any, already paid under any provision of this Act e.g. advance tax,
(b) any tax deducted or collected at source; and
(c) any relief of tax under Section 89 ;
(d) any relief of tax or deduction of tax claimed under section 90 or section 91 on account of tax paid in a country outside India;
(e) any relief of tax claimed under section 90A on account of tax paid in any specified territory outside India referred to in that section;
(f) any tax credit claimed to be set off in accordance with the provisions of section 115JAA (MAT credit) or section 115JD (AMT credit);
(vi) Add interest and fee payable for the following to the Net-tax calculated at step (v):
(a) Interest for late filing of return under section 234A computed on the amount of the tax on the total income as declared in the return as reduced by the amount of—
(i) Advance tax, if any paid
(ii) Tax deducted/collected at source
(iii) Any relief of tax allowed under section 89.
(iv) Any relief/deduction of tax allowed under sections 90, 90A and 91
(v) Any tax credit allowed to be set off in accordance with the provisions of section 115JAA (MAT credit) or section 115JD (AMT credit)
(vi) any tax or interest payable according to the provisions of section 191(2).
(b) Interest for default in payment of advance tax under section 234B computed on amount equal to the assessed tax or the case may be, on the amount by which the advance tax paid falls short of assessed tax.
(c) Interest for deferment of advance tax (under section 234C);
(d) Fee for delay in furnishing of return of income as prescribed under section 234F.