TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendments to Sections 201 and 206C clarify interest on tax defaults, effective April 2022, per Finance Bill Clauses 60 and 62.</h1> Section 201 of the Act mandates that individuals who fail to deduct or remit tax to the Central Government must pay simple interest as specified. Similarly, Section 206C imposes interest on those who fail to collect or remit tax. Frequent litigation arises over interest computation for ongoing defaults. To clarify legislative intent and prevent misinterpretation, amendments are proposed to Sections 201(1A) and 206C(7). These amendments specify that interest payments must align with orders from the Assessing Officer. The changes will be effective from April 1, 2022, as outlined in Clauses 60 and 62 of the Finance Bill, 2022.
TaxTMI 
