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of <h1>Interest Rate in Section 132B Amended: Now 0.5% Monthly Instead of 6% Annually, Effective April 1, 2008.</h1> Section 132B of the Income-tax Act has been amended by the Finance Act, 2007. In sub-section (4), clause (a), the interest rate has been changed from 'six per cent. per annum' to 'one-half per cent. for every month or part of a month.' This amendment is effective from April 1, 2008.
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