Section 7B
Interest payable by Government.
The Companies (Profits) Surtax Act, 1964
About this Act
An Act to impose a special tax on the profits of certain companies.
1[7B. Interest payable by Government.--The Central Government shall pay simple interest at
2[fifteen per cent.] per annum on the amount by which the aggregate sum of any installments of advance
tax paid during any financial year in which they are payable under section 7A exceeds the amount of the
tax determined on regular assessment, from the 1st day of April next following the said financial year to
the date of the regular assessment for the assessment year immediately following the said financial year.]
Notes
1. Ins. by Act 16 of 1981, s. 36 (w.e.f.1-4-1981).
2. Subs. by Act 67 of 1984, s.77, for "twelve per cent." (w.e.f. 1-10-1984).
2. Subs. by Act 67 of 1984, s.77, for "twelve per cent." (w.e.f. 1-10-1984).