Interest Tax Act

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

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