Interest-tax Act, 1974

Bare Act · 1974

An Act to impose a special tax on interest in certain cases.

Act number: 45 of 1974
Enacted: 23 September 1974
Contents: 37 sections

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Section 1 – Short title and extent
Section 2 – Definitions
Section 3 – Tax authorities
Section 4 – Charge of tax
Section 5 – Scope of chargeable interest
Section 6 – Computation of chargeable interest (preview)
Section 7 – Return of chargeable interest (preview)
Section 8 – Assessment (preview)
Section 9 – Self-assessment (preview)
Section 10 – Interest escaping assessment (preview)
Section 10A – Time limit for completion of assessments and re-assessments (preview)
Section 11 – Advance payment of interest-tax (preview)
Section 12 – Interest for default in furnishing return of chargeable interest (preview)
Section 12A – Interest for default in payment of interest-tax in advance (preview)
Section 12B – Interest for deferment of interest-tax payable in advance (preview)
Section 13 – Penalty for concealment of chargeable interest (preview)
Section 14 – Opportunity of being heard (preview)
Section 15 – Appeals to the Commissioner (Appeals) (preview)
Section 15A – Omitted (preview)
Section 16 – Appeals to Appellate Tribunal (preview)
Section 17 – Rectification of mistakes (preview)
Section 18 – Interest-tax deductible in computing total income under the Income-tax Act (preview)
Section 19 – Revision of order prejudicial to revenue (preview)
Section 20 – Revision of orders by Commissioner (preview)
Section 21 – Application of provisions of Income-tax Act (preview)
Section 22 – Income-tax papers to be available for the purposes of this Act (preview)
Section 23 – Failure to comply with notices (preview)
Section 24 – False statements (preview)
Section 25 – Wilful attempt to evade tax, etc (preview)
Section 26 – Abetment of false returns, etc (preview)
Section 26A – Offences by credit institutions (preview)
Section 26B – Institution of proceedings and composition of offences (preview)
Section 26C – Power of credit institutions to vary certain agreements (preview)
Section 27 – Power to make rules (preview)
Section 28 – Power to exempt (preview)
Section 29 – Power to remove difficulty (preview)
Section 30 – Repealed (preview)

Contents