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Sunday, Sep 14, 2003
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Interest on excess tax paid reduced

Interest rate on excess tax paid by assesses has been cut by two percentage points. On excess tax paid, the Government will now pay interest at 6 per cent per annum against the earlier rate of 8 per cent.

If there is a delay in filing returns, the taxpayer will have to pay interest at 12 per cent per annum (15 per cent per annum). The revised rates announced by the Finance Ministry follows the decline in interest rates, and are effective from September 8.

BL Research Bureau

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