TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Section 220: Interest Reduction and Refunds for Adjusted Tax Amounts, Retroactive Application Included.</h1> In the Finance Act of 1963, Section 220 of the Income Tax Act is amended to include a proviso in subsection (2). This proviso states that if an order under sections 154, 155, 250, 254, 260, 262, or 264 results in a reduction of the amount on which interest was payable, the interest should be reduced accordingly. Any excess interest paid due to the original calculation should be refunded. This amendment is retroactively applicable, ensuring adjustments to interest calculations and refunds where necessary.
TaxTMI 
TaxTMI 
