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<h1>Interest Rate for Delayed Tax Returns Reduced to 1% Under Amended Section 234A of Income-tax Act, 1961.</h1> Section 234A of the Income-tax Act, 1961, has been amended by the Taxation Laws (Amendment) Act, 2003. In this amendment, the interest rate specified in sub-sections (1) and (3) has been changed from 'one and one-fourth per cent.' to 'one per cent.' This alteration affects the rate of interest applicable for delayed filing of income tax returns.