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, ... Summary
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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