Interest on delayed payment of equalisation levy
167. Every assessee, who fails to credit the equalisation levy or any part thereof as required under section 163 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. of such levy for every month or part of a month by which such crediting of the tax or any part thereof is delayed.
Notes on Clauses:
Clause 167 of the Bill provides for payment of simple interest at the rate of one per cent. for every month or part of a month where the equalisation levy collected is not credited to the account of the Central Government within the period specified in the said clause.
