Interest rate under section 234B reduced, changing the penal interest computation for tax defaults effective June change. Amendment to section 234B substitutes the words in sub-sections (1) and (3) from the prior rate to one and one-half per cent., with effect from the 1st day of June, 1999, thereby changing the rate at which penal interest for defaulted advance tax is computed under those subsections.
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Interest rate under section 234B reduced, changing the penal interest computation for tax defaults effective June change.
Amendment to section 234B substitutes the words in sub-sections (1) and (3) from the prior rate to one and one-half per cent., with effect from the 1st day of June, 1999, thereby changing the rate at which penal interest for defaulted advance tax is computed under those subsections.
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