Interest calculation procedures clarified to govern rounding of fractional months and waiver of trivial interest amounts. The amendment inserts clause (ee) into section 46(2) empowering specification of the procedure to be followed in calculating interest payable by assessees or by the Government to assessees under the Act, including rules for rounding off periods where the interest period includes a fraction of a month, and for specifying when and to what extent petty amounts of interest payable by assessees may be ignored.
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Interest calculation procedures clarified to govern rounding of fractional months and waiver of trivial interest amounts.
The amendment inserts clause (ee) into section 46(2) empowering specification of the procedure to be followed in calculating interest payable by assessees or by the Government to assessees under the Act, including rules for rounding off periods where the interest period includes a fraction of a month, and for specifying when and to what extent petty amounts of interest payable by assessees may be ignored.
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