Penalty rate under section 234A reduced, lowering interest charge for delayed income tax payments. The amendment substitutes the words "two per cent." with "one and one-half per cent." in the specified subsections, changing the penalty interest rate ... Summary
Penalty rate under section 234A reduced, lowering interest charge for delayed income tax payments.
The amendment substitutes the words "two per cent." with "one and one-half per cent." in the specified subsections, changing the penalty interest rate applicable to delayed income tax payments and taking effect from 1 June 1999.
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