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Section60
The Finance Act, 1972

Applicability of revised rate of interest

In force Act 16 of 1972 As on 15 Oct 2026

Act 16 of 1972 Ministry Finance Enacted 28 May 1972 Cited by 1 provision

Section 60 of the Finance Act, 1972 deals with applicability of revised rate of interest. Applicability of revised rate of interest. The Act was enacted on 28 May 1972.

Applicability of revised rate of interest.

60. For the removal of doubts, it is hereby declared that where interest is payable under.—

(a) section 139 of the Income-tax Act or any other provision of that Act referred to in section 25 of this Act; or

(b) section 31 or section 34A of the Wealth-tax Act; or

(c) section 32 or section 33A of the Gift-tax Act; or

(d) section 18 of the Companies (Profits) Surtax Act,

in respect of any period commencing on or before the 31st day of March, 1972 and ending after that date, such interest shall, in respect of so much of such period as falls after that date, be calculated at the rate of twelve per cent per annum.

[Finance Act, 1972]

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Section 60, The Finance Act, 1972 (Act 16 of 1972).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Companies (Profits) Surtax Act s. 18 Application of provisions of Income-tax Act
  2. s. 25 Amendment of sections 132A, 201, 213 to 217, 220, 243 and 244 and Second Schedule
  3. s. 31 Amendment of section 204
  4. s. 32 Amendment of section 205
  5. Gift-tax Act s. 33A Refunds
  6. Income-tax Act s. 139 Return of income
  7. Wealth-tax Act s. 34A Refunds

Referred to by 1

  1. s. 1 Short title and commencement

Questions about Section 60

What does Section 60 of the Finance Act deal with?

Section 60 of the Finance Act is headed "Applicability of revised rate of interest". Applicability of revised rate of interest.

How do I find court cases under Section 60 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1972 60, section 60 Finance Act 1972, section 60 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 60 of the Finance Act, and has it changed?

Its own text turns on Companies (Profits) Surtax Act 18 (Application of provisions of Income-tax Act), section 25 (Amendment of sections 132A, 201, 213 to 217, 220, 243 and 244 and Second Schedule), section 31 (Amendment of section 204), section 32 (Amendment of section 205), and on 3 further provisions, so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was Section 60 of the Finance Act enacted?

Section 60 of the Finance Act, cited as Finance Act 1972 60, was enacted on 28 May 1972 as Act 16 of 1972. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.