Interest rate adjustment under section 234D reduces the statutory interest charged on delayed refund adjustments by amendment. The Taxation Laws (Amendment) Act, 2003 amends section 234D of the Income tax Act, 1961 by substituting the rate specified in sub section (1) with a lower statutory rate, effecting a textual change to the interest charge mechanism for delayed adjustments under that provision.
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Interest rate adjustment under section 234D reduces the statutory interest charged on delayed refund adjustments by amendment.
The Taxation Laws (Amendment) Act, 2003 amends section 234D of the Income tax Act, 1961 by substituting the rate specified in sub section (1) with a lower statutory rate, effecting a textual change to the interest charge mechanism for delayed adjustments under that provision.
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