Interest Tax Act, 1974 Section 9 - Bare Act |
| State | Central Government |
| Year | 1974 |
| Section Title | Self-assessment |
1 [9. Self-assessment.--
(1) Where interest-tax is payable on the basis of any return required to be furnished under Section 7 or Section 10, after taking into account the amount of interest-tax, if any, already paid under any provision of this Act, the assessee shall be liable to pay such interest-tax, together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance interest-tax, before furnishing the return and the return shall be accompanied by proof of payment of such interest-tax and interest.
Explanation.-- Where the amount paid by the assessee under this sub-section falls short of the aggregate of the interest-tax and interest as aforesaid, the amount so paid shall first be adjusted towards the interest payable as aforesaid and the balance, if any, shall be adjusted towards the interest-tax payable.
(2) After the assessment under Section 8 has been made, any amount paid under subsection (1) shall be deemed to have been paid towards such assessment.
(3) If any assessee fails to pay the whole or any part of interest-tax or interest or both in accordance with the provisions of sub-section (1), he shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in default in respect of the interest-tax or interest; or both remaining unpaid, and all the provisions of this Act shall apply accordingly.]
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1.Substituted by Finance (No. 2) Act (49 of 1991), S. 98 (1-10-91).