Interest on delayed payment imposes simple monthly interest for failure to credit banking cash transaction tax. Assessees who fail to credit banking cash transaction tax, or any part thereof, to the Central Government within the prescribed period must pay simple interest on the uncredited tax. Interest accrues for every month or part of a month by which the crediting is delayed and is calculated at the statute's prescribed simple monthly rate on the amount of tax not credited.
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Interest on delayed payment imposes simple monthly interest for failure to credit banking cash transaction tax.
Assessees who fail to credit banking cash transaction tax, or any part thereof, to the Central Government within the prescribed period must pay simple interest on the uncredited tax. Interest accrues for every month or part of a month by which the crediting is delayed and is calculated at the statute's prescribed simple monthly rate on the amount of tax not credited.
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