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45/1974 - The Interest-tax Act, 1974 ▶

Act Number: 45

Act Name: The Interest-tax Act, 1974

Year: 1974

Enactment Date: 1974-09-23

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

Ministry: Ministry of Finance

Department: Department of Revenue

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30	Repealed.