THE INTEREST-TAX ACT, 1974

ACT NO. 45 OF 1974 · Enacted [23rd September, 1974.] · 37 sections

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.

Section 7.Return of chargeable interest.

Section 8.Assessment.

Section 9.Self-assessment.

Section 10.Interest escaping assessment.

Section 10A.Time limit for completion of assessments and re-assessments.

Section 11.Advance payment of interest-tax.

Section 12.Interest for default in furnishing return of chargeable interest.

Section 12A.Interest for default in payment of interest-tax in advance.

Section 12B.Interest for deferment of interest-tax payable in advance.

Section 13.Penalty for concealment of chargeable interest.

Section 14.Opportunity of being heard.

Section 15.Appeals to the Commissioner (Appeals).

Section 15A.[Omitted.]

Section 16.Appeals to Appellate Tribunal.

Section 17.Rectification of mistakes.

Section 18.Interest-tax deductible in computing total income under the Income-tax Act.

Section 19.Revision of order prejudicial to revenue.

Section 20.Revision of orders by Commissioner.

Section 21.Application of provisions of Income-tax Act.

Section 22.Income-tax papers to be available for the purposes of this Act.

Section 23.Failure to comply with notices.

Section 24.False statements.

Section 25.Wilful attempt to evade tax, etc.

Section 26.Abetment of false returns, etc.

Section 26A.Offences by credit institutions.

Section 26B.Institution of proceedings and composition of offences.

Section 26C.Power of credit institutions to vary certain agreements.

Section 27.Power to make rules.

Section 28.Power to exempt.

Section 29.Power to remove difficulty.

Section 30.[Repealed.]