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of <h1>Amendment to Income-tax Act Section 217: New Interest Provisions for Late or Insufficient Tax Estimates Effective April 1970.</h1> Section 217 of the Income-tax Act was amended by the Finance Act of 1969, effective April 1, 1970. The amendment introduces two sub-sections. Sub-section (1) requires that if a person fails to send the required tax estimate as per section 212(3), they must pay simple interest at nine percent per annum on the assessed tax from April 1 following the financial year until the regular assessment date. Sub-section (1A) imposes the same interest rate if the advance tax paid is less than the assessed tax, as per section 212(3A).
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