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        F. Acts / Amendment Acts

        Section 56 - Amendment of Second Schedule

        Taxation Laws (Amendment) Act, 1970
        Chapter II
        AMENDMENTS TO THE INCOME-TAX ACT, 1961

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        Statutory interest rate amendment increases the specified rate under the Second Schedule rule, affecting tax rate prescription. An amendment substitutes the prescribed rate in the Second Schedule to the Income-tax Act by replacing the words fixing the earlier rate in rule 60, clause (a), sub-rule (1) with words prescribing a higher rate, effected by the Taxation Laws (Amendment) Act, 1970.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Statutory interest rate amendment increases the specified rate under the Second Schedule rule, affecting tax rate prescription.

                                An amendment substitutes the prescribed rate in the Second Schedule to the Income-tax Act by replacing the words fixing the earlier rate in rule 60, clause (a), sub-rule (1) with words prescribing a higher rate, effected by the Taxation Laws (Amendment) Act, 1970.


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