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of <h1>Revised 12% interest rate applies to taxes under Section 60 of Finance Act, 1972, for periods after March 31, 1972.</h1> Section 60 of the Finance Act, 1972, addresses the applicability of a revised interest rate. It clarifies that for interest payable under specified sections of the Income-tax Act, Wealth-tax Act, Gift-tax Act, and Companies (Profits) Surtax Act, covering periods starting on or before March 31, 1972, and ending after that date, the interest for the period after March 31, 1972, should be calculated at a rate of twelve percent per annum.
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