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of <h1>Clarification on Rule 119A: Interest Calculations Under Income Tax Act Post-January 1, 1975, Ignore Partial Months.</h1> The circular clarifies the application of Rule 119A for calculating interest under the Income Tax Act, 1961. It specifies that the new rule, effective from January 1, 1975, applies only to periods after that date, regardless of when the interest is calculated. Interest for periods before January 1, 1975, should be calculated as if the new rule did not exist. Additionally, when calculating interest, only whole months should be considered, ignoring any partial months, even if they are 29 days. These clarifications are to be communicated to relevant officers.
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