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of <h1>Finance Bill 2010 amends Section 201: New interest rates for unpaid taxes effective July 1, 2010.</h1> Clause 42 of the Finance Bill, 2010, amends section 201 of the Income-tax Act concerning the consequences of failing to deduct or pay tax. The amendment replaces sub-section (1A) to impose a simple interest rate of one percent per month on unpaid deductible tax until deducted, and one and one-half percent per month on deducted but unpaid tax until payment is made. This interest must be settled before filing the statement as per section 200(3). The revised interest rate applies from July 1, 2010.
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