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of <h1>Finance Act 1978 Amends Income-tax Act Section 217: 12% Interest for Non-compliance with Section 209A Requirements.</h1> Section 217 of the Income-tax Act has been amended by the Finance Act, 1978, effective from June 1, 1978. The amendment modifies sub-section (1) to specify that if a person fails to send the required statement or estimate under section 209A, the Income-tax Officer will impose simple interest at a rate of twelve percent per annum. Additionally, sub-section (1A) is updated to include references to estimates required under sub-section (4) of section 209A, adjusting the language to incorporate these changes.
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