Section 161 - Interest Payable by Government on Excess Payment of Advance Tax
(1) If the amount of advance tax paid by a person in any financial year exceeds the amount of tax assessed by the regular assessee, the Government shall pay 10% (ten percent) simple interest per annum on such excess tax paid.
2) on payment of additional advance tax under sub-section (1) from the first day of the relevant tax year to the date of assessment of regular tax for that tax year, or for a period of 2 (two years from the first day of the relevant tax year, whichever is lower, Interest has to be paid for the
Note: This is unofficial English translation. In the event of a conflict between the information on this website and the original Government publications or notifications of laws, rules, regulations, and SROs, the Government publications or notifications shall prevail. Moreover, as per Section 345(2) of the Income Tax Act 2023, if there is a conflict between the English and Bengali text, the Bengali text shall prevail.