Interest rate on tax defaults changed from annual to monthly calculation, altering accrual basis for delayed tax payments. The interest rate wording in section 132B(4)(a) of the Income-tax Act is amended by substituting the words "six per cent. per annum" with the words ... Summary
Interest rate on tax defaults changed from annual to monthly calculation, altering accrual basis for delayed tax payments.
The interest rate wording in section 132B(4)(a) of the Income-tax Act is amended by substituting the words "six per cent. per annum" with the words "one-half per cent. for every month or part of a month", effective from the 1st day of April, 2008.
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