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of <h1>Penalty Increase in Section 16 of Interest-tax Act: From Rs. 200 to Rs. 1,000 for Appeals After Oct 1, 1998.</h1> Section 16 of the Interest-tax Act has been amended by the Finance (No. 2) Act, 1998. In subsection (6), the penalty amount has been increased from 'two hundred rupees' to 'one thousand rupees' for any appeal filed on or after October 1, 1998.
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