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        F. Acts / Amendment Acts

        Section 43 - Amendment of section 132B

        Finance Act, 2007
        Chapter III
        Direct Taxes (Income-tax )

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        Interest rate on tax defaults changed from annual to monthly calculation, altering accrual basis for delayed tax payments. The interest rate wording in section 132B(4)(a) of the Income-tax Act is amended by substituting the words 'six per cent. per annum' with the words 'one-half per cent. for every month or part of a month', effective from the 1st day of April, 2008.
                          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.

                                Interest rate on tax defaults changed from annual to monthly calculation, altering accrual basis for delayed tax payments.

                                The interest rate wording in section 132B(4)(a) of the Income-tax Act is amended by substituting the words "six per cent. per annum" with the words "one-half per cent. for every month or part of a month", effective from the 1st day of April, 2008.


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