Every person responsible for collecting expenditure-tax and paying it to the credit of the Central Government in accordance with the provisions of section 7, who fails to credit the tax to the account of the Central Government within the period specified in that section, shall pay simple interest at the rate of [one per cent.] for every month or part of a month by which such crediting of tax is delayed.
Section 14: Interest on delayed payment of expenditure-tax.
The Expenditure-tax Act, 1987Central Act · Act 35 of 1987
Where this provision sits
| Act | The Expenditure-tax Act, 1987 |
|---|---|
| Section | 14 |
| Marginal note | Interest on delayed payment of expenditure-tax. |
| Jurisdiction | Central |
| Status | In force as published by the source |
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
- substituted, Act 54 of 2003. . Subs. by Act 54 of 2003, s. 22, for "one and one-fourth per cent." (w.e.f. 8-9-2003).
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