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of <h1>Assessees face 1% monthly interest for late equalisation levy payments under Clause 167 of the Finance Bill, 2016.</h1> Clause 167 of the Finance Bill, 2016 mandates that any assessee who fails to credit the equalisation levy to the Central Government's account within the specified period must pay simple interest. This interest is calculated at a rate of one percent for each month or part of a month the payment is delayed. This provision ensures timely remittance of the levy as outlined in section 163.
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