72. Interest payable by Government on excess payment of advance tax.

72. Interest payable by Government on excess payment of advance tax.-

(1)The Government shall pay simple interest at ¹[ten per cent.] per annum on the amount  by  which  the  aggregate  sum  of  advance  tax paid  during  a  financial year  exceeds  the  amount  of  tax  payable  by  him  as  determined  on  regular assessment.

(2) The period for which interest under sub-section (1) shall be payable shall be the period from the ²[first day of July of the year of assessment] to the date of regular assessment in respect  of the income of that year or a period of two years from the said first day of July, whichever is shorter.

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¹Subs. for "twelve per cent" by F.A. 1994

²Subs. for "first day of July of the year in which the advance tax was paid" by F.A. 1998

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