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The Interest-tax Act, 1974

Central

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

Act number
45 of 1974
Ministry
Ministry of Finance
Department
Department of Revenue
Enacted
23 Sep 1974

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

37 sections

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