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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2016: Section 187 Amended to Allow Late Tax Payments with 1% Monthly Interest from June 1, 2016.</h1> In the Finance Act, 2016, section 187 is amended to include a proviso effective from June 1, 2016. This proviso allows the Central Government to specify, via notification in the Official Gazette, certain classes of persons who can pay outstanding tax, surcharge, and penalty after the due date. These payments must be made by a date specified by the Central Government and will incur an interest rate of one percent per month or part thereof from the day following the due date until the payment date.
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