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Home Acts & Rules Service Tax Acts Chapter V of Finance Act, 1994 Chapters List Chapter V Chapter V of Finance Act, 1994 This
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Section 73B - Interest on amount collected in excess - Chapter V of Finance Act, 1994

Extract

..... 73B. 1[Interest on amount collected in excess Where an amount has been collected in excess of the tax assessed or determined and paid for any taxable service under this Chapter or the rules made thereunder from the recipient of such service, the person who is liable to pay such amount as determined under sub-section (4) of section 73A, shall, in addition to the amount, be liable to pay interest at such rate not below ten per cent. and not exceeding twenty-four per cent. per annum, as is for the .....

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Section 73B - Interest on amount collected in excess - Chapter V of Finance Act, 1994

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..... t exceed sixty lakh rupees during any of the financial years covered by the notice issued under sub-section (3) of section 73A or during the last preceding financial year, as the case may be, such rate of interest shall be reduced by three per cent per annum.] Explanation 1.-Where the amount determined under sub-section (4) of section 73A is reduced by the Commissioner (Appeals), the Appellate Tribunal or, as the case may be, the court, the interest payable thereon under this section shall be on .....

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Section 73B - Interest on amount collected in excess - Chapter V of Finance Act, 1994

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