Section 71 - Amendment of section 46 - Taxation Laws (Amendment) Act, 1970

71. Amendment of section 46. In section 46 of the Gift-tax Act, in sub-section (2), after clause (e), the following clause shall be inserted, namely:- (ee) the procedure to be followed in calculating interest payable by assessees or interest payable by the 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; .