¹[ If any assessee, who is required to file return under section 166, fails to file such return within the tax day, the tax of the assessee shall be determined and payable in the following manner without prejudice to the liability arising under other provisions of this Act, namely:—

A = B + (B – C) × D × 0.02, where,

A = total amount of tax payable;

B = total amount of tax the assessee would have paid if he had filed the return on the tax day, provided that—

i. tax to be calculated in such manner as would have been calculated where tax-exemption was not applicable; and

ii. it shall not include any penalty or sum applied or levied under this Act other than minimum tax, surcharge or simple interest;

C = aggregate of advance tax and tax at source paid by the assessee in the said income year;

D = number of months determined as follows, namely:—

i. the number of months after the expiry of the tax day not exceeding 24 (twenty four);

ii. fraction of a month shall also be counted as a full month. ]