Section 26E in The Bengal Agricultural Income-Tax Act, 1944
26E. [ Interest for non-payment of advance tax] [Sections 26C to 26G added by W.B. Act 15 of 1983.]. -
(1)Where on making the regular assessment under section 25 the Agricultural Income Tax Officer finds that no payment of advance tax has been made in accordance with the provisions of section 26A or section 26B, interest at the rate of two per centum for each English calendar month from [the first day of the month next following the prescribed date of payment of the last instalment of the advance tax] [Words substituted by W.B. Act 3 of 1998.] up to the month prior to the month of such regular assessment shall be payable by the assessee.(2)Where as a result of an order under section 31, section 35, section 36, section 37, [section 38A,] [Word, figures and letter inserted by W.B. Act 3 of 1998.] section 39, section 63 or section 64, the amount on which interest was payable under this section or under section 26D has been reduced, the interest shall be reduced proportionately and the excess interest paid, if any, shall be refunded.(3)[] [Sub-section (3) of substituted by W.B. Act 3 of 1998.] The Commissioner, or such other authority appointed under section 21 as may be prescribed, may, in such cases and under such circumstances as may be prescribed, reduce or waive the interest payable by the assessee under this section or under section 26D.(4)In calculating the interest payable under this Act, the amount of advance tax or tax determined on regular assessment under section 25 in respect of which such interest is to be calculated shall be rounded off to the nearest multiple of one hundred rupees, where such amount contains a part of one hundred rupees, if such part is fifty rupees or more, it shall be increased to hundred rupees and if such part is less than fifty rupees, it shall be ignored.
