Interest calculation procedure clarified for tax assessments, allowing rounding of fractional months and ignoring trivial interest amounts. Amendment adds a clause to section 46(2) prescribing the procedure to be followed in calculating interest payable by assessees and interest payable by the ... Summary
Interest calculation procedure clarified for tax assessments, allowing rounding of fractional months and ignoring trivial interest amounts.
Amendment adds a clause to section 46(2) prescribing the procedure to be followed in calculating interest payable by assessees and interest payable by the Government, including rounding off periods that include a fraction of a month and specifying when and to what extent petty amounts of interest payable by assessees may be ignored.
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