Section 55 - Amendment of section 295 - Taxation Laws (Amendment) Act, 1970

55. Amendment of section 295. In section 295 of the Income-tax Act, in sub-section (2), (a) after sub-clause (ii) of clause (b), the following sub-clause shall be inserted, namely: (ii) an individual who is liable to be assessed under the provisions of sub-section (2) of section 64; ; (b) after clause (k), the following clause shall be inserted, namely:- (kk) the procedure to be followed in calculating interest payable by assessees or interest payable by Government to assessees under any provision of this Act, including the rounding off of the period for which such interest is to be calculated in cases where such period includes a fraction of a month, and specifying the circumstances in which and the extent to which petty amounts of interest payable by assessees may be ignored; .