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The Interest Tax Act, 1974

[Act No. 45 of 1974]

[23rd September, 1974.]

Sections Particulars
Title The Interest Tax Act, 1974
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
16. Appeals to Appellate Tribunal
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
30. Repealed

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