{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"170","heading":"Interest on delayed payment of equalisation levy","text":"Interest on delayed payment of equalisation levy. 170. Every [assessee or e-commerce operator], who fails to credit the equalisation levy or any part thereof as required under [section 166 or section 166A] to the account of the Central Government within the period specified in that section, shall pay simple interest at the rate of one per cent of such levy for every month or part of a month by which such crediting of the tax or any part thereof is delayed. 1. Substituted for \"assessee\" by the Finance Act, 2020, w.e.f. 1-4-2020. 2. Substituted for \"section 166\"by the Finance Act, 2020, w.e.f. 1-4-2020.","html":"<p><b>Interest on delayed payment of equalisation levy.</b></p><p><b>170.</b> Every <sup></sup><b>[</b><i>assessee or e-commerce operator</i><b>]</b>, who fails to credit the equalisation levy or any part thereof as required under <sup></sup><b>[</b><i>section 166 or section 166A</i><b>]</b> to the account of the Central Government within the period specified in that section, shall pay simple interest at the rate of one per cent of such levy for every month or part of a month by which such crediting of the tax or any part thereof is delayed.</p><p>1. Substituted for \"assessee\" by the Finance Act, 2020, w.e.f. <b>1-4-2020.</b></p><p>2. Substituted for \"section 166\"by the Finance Act, 2020, w.e.f. <b>1-4-2020.</b></p>","words":103,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/170/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}