Procedure to be followed in calculating interest

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....nbsp;  ^     (a) where interest is to be calculated on annual basis, the period for which such interest is to be calculated shall be rounded off to a whole month or months and for this purpose any fraction of a month shall be ignored; and the period so rounded off shall be deemed to be the period in respect of which the interest is to be calculated; ^ &nb....

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....hird Amendment) Rules, 1989, w.e.f. 13-9-1989. Before substitution rule 12, as inserted by the Wealth-tax (Third Amendment) Rules 1974, w.e.f. 1-1-1975, read as under:      "12. In calculating the interest payable by the assessee or the interest payable by the Central  Government to the  assessee under any provision of the Act,-       &n....