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Start Free TrialInterest Tax Act, 1974 Section 12
Title: Interest for Default in Furnishing Return of Chargeable Interest
State: Central
Year: 1974
.....re-assessment exceeds the interest-tax on chargeable interest on the basis of earlier assessment aforesaid. (4) Where, as a result of an order under section 15 or section 17 of this Act or section 254 or section 260 or section 262 of the Income-tax Act, as applicable to this Act by virtue of section 21 of this Act, the amount on which interest was payable under sub-section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and-- (i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable and such notice of demand shall be deemed to be a notice under section 156 of the Income-tax Act as applicable to this Act by virtue of Section 21, and the provisions of this Act shall apply accordingly; (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded. (5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1992 and subsequent years.
View Complete Act List Judgments citing this sectionInterest Tax Act, 1974 Section 6
Title: Computation of Chargeable Interest
State: Central
Year: 1974
.....sub-section, shall be allowed from the total amount of interest accruing or arising to the assessee. (2) In computing the chargeable interest of a previous year, the amount of interest which accrues or arises to the assessee2[before the 1st day of August, 1974 or3[during the period commencing on the 1st day of April, 1985 and ending with the 30th day of September, 1991] shall not be taken into account. ___________________________ 1. Substituted for the words "scheduled banks" by Finance (No. 2) Act (49 of 1991), Section 95 (1-10-91). 2. Substituted for words, figures and letters "before the 1st day of August, 1974" by Finance Act, 1978 (19 of 1978), Section 33(1-4-1978). 3. Substituted for words, figures and letters "after the 31st day of March, 1985" by Finance (No. 2) Act (49 of 1991), Section 95 (1-10-91).
View Complete Act List Judgments citing this sectionInterest Tax Act, 1974 Section 5
Title: Scope of Chargeable Interest
State: Central
Year: 1974
Section 5 - Scope of chargeable interest 1[5. Scope of chargeable interest.-- Subject to the provisions of this Act, the chargeable interest of any previous year of a credit institution shall be the total amount of interest (other than interest on loans and advances made to other credit institutions2[or to any co-operative society engaged in carrying on the business of banking]) accruing or arising to the credit institution in that previous year: Provided that any interest in relation to categories of bad or doubtful debts referred to in Section 43D of the Income-tax Act shall be deemed to accrue or arise to the credit institution in the previous year in which it is credited by the credit institution to its profit and loss account for that year or, as the case may be, in which it is actually received by the credit institution, whichever is earlier.] ___________________________ 1. Substituted by Finance (No. 2) Act (49 of 1991), Section 94 (1-10-91). 2. Inserted by Finance Act (18 of 1992), Section 104 (w.r.e.f. 1-10-91).
View Complete Act List Judgments citing this sectionInterest Tax Act, 1974 Section 13
Title: Penalty for Concealment of Chargeable Interest
State: Central
Year: 1974
If the Assessing Officer or the Commissioner (Appeals) in the course of any proceeding under this Act, is satisfied that any person has concealed the particulars of chargeable interest or has furnished inaccurate particulars of such interest, he may direct that such person shall pay by way of penalty, in addition to any interest-tax payable by him, a sum which shall not be less than, but shall not exceed three times, the amount of interest-tax sought to be evaded by reason of the concealment of particulars of his chargeable interest or the furnishing of inaccurate particulars of such chargeable interest.]
View Complete Act List Judgments citing this sectionInterest Tax Act, 1974 Section 7
Title: Return of Chargeable Interest
State: Central
Year: 1974
.....forth such other particulars as may be prescribed.] (3) Any assessee who has not furnished a return within the time allowed under subsection (1) or sub-section (2), or having furnished a return under sub-section (1) or subsection (2), discovers any omission or wrong statement therein, may furnish a return or a revised return, as the case may be, at any time2[before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.] ___________________________ 1. Substituted by Finance (No. 2) Act (49 of 1991), Section. 96 (1-10-91). 2. Substituted for the words "before the assessment is made" by Finance (No. 2) Act (49 of 1991), Section. 96 (1-10-91).
View Complete Act List Judgments citing this sectionInterest Tax Act, 1974 Section 12A
Title: Interest for Default in Payment of Interest-tax in Advance
State: Central
Year: 1974
.....on the basis of assessment under sub-section (2) or, as the case may be, sub-section (3) of section 8. (4) Where, as a result of an order under section 15 or section 17 of this Act or section 254 or section 260 or section 262 of the Income-tax Act as applicable to this Act by virtue of section 21 of this Act, the amount on which interest was payable under sub-section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and-- (i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable and such notice of demand shall be deemed to be a notice under section 156 of the Income-tax Act as applicable to this Act by virtue of section 21 of this Act, and provisions of this Act shall apply accordingly; (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded. (5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1992 and subsequent assessment years.
View Complete Act List Judgments citing this sectionInterest Tax Act, 1974 Complete Act
Title: Interest Tax Act, 1974
State: Central
Year: 1974
.....of chargeable interest Section14 - Opportunity of being heard Section15 - Appeals to the Appellate Assistant Commissioner Section15A - Omitted Section16 - Appeals to Appellate Tribunal Section17 - Rectification of mistakes Section18 - Interest-tax deductible in computing total income under, the Income-tax Act Section19 - Revision of order prejudicial to revenue Section20 - Revision of orders by Commissioner Section21 - Application of provisions of Income-tax Act Section22 - Income-tax papers to be available for the purposes of this Act Section23 - Failure to comply with notices Section24 - False statements Section25 - Willful attempt to evade tax, etc Section26 - Abetment of false returns, etc Section26A - Offences by credit institutions Section26B - Institution of proceedings and composition of offences Section26C - Power of credit institutions to vary certain agreements Section27 - Power to make rules Section28 - Power to Exempt Section29 - Power to remove difficulty Section30 - [Repealed]
List Judgments citing this sectionInterest Tax Act, 1974 Section 12B
Title: Interest for Deferment of Interest-tax Payable in Advance
State: Central
Year: 1974
(1) Where in any financial year, the assessee who is liable to pay interest-tax in advance under section 11 has failed to pay the interest-tax and where such tax paid by the assessee on his chargeable interest on or before the 15th day of September is less than twenty per cent of the interest-tax due on the returned chargeable interest or the amount of such interest-tax paid on or before the 15th day of December is less than fifty per cent. of the tax due on the returned chargeable interest then, the assessee shall be liable to pay simple interest at the rate of one and one-half per cent. per month of the shortfall for a period of three months on the amount of shortfall from twenty per cent. or; as the case may be, fifty per cent. of the interest-tax due on the returned chargeable interest. (2) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1992 and subsequent assessment years.
View Complete Act List Judgments citing this sectionInterest Tax Act, 1974 Section 10
Title: Interest Escaping Assessment
State: Central
Year: 1974
.....or failure on the part of the assessee to make a return under Section 7 for any assessment year or to disclose fullly and trully all material facts necessary for his assessment for any assessment year, chargeable interest for that year has escaped assessment or has been under-assessed or has been made the subject of excessive, relief under this Act, or (b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the assessee, the1[Assessing Officer] has, in consequence of information in his possession, reason to believe that chargeable interest assessable for any assessment year has escaped assessment or has been under-assessed or has been made the subject of excessive relief under this Act he may, in cases falling under clause (a), at any time, and in cases falling under clause (b), at any time within four years of the end of that assessment year, serve on the assesee a notice containing all or any of the requirements which may be included in a notice under Section 7, and may proceed to assess or re-assess the amount chargeable to interest-tax, and the provisions of this Act shall, so far as may be, apply, as if the notice.....
View Complete Act List Judgments citing this sectionInterest Tax Act, 1974 Section 11
Title: Advance Payment of Interest-tax
State: Central
Year: 1974
.....of such interest-tax payable in advance, as reduced by the amount, if any, paid in the earlier installment. On or before the 15th March The whole amount of such interest-tax payable in advance as reduced by the amount or amounts, if any, paid in the earlier installment or installments: Provided that any amount paid by way of interest-tax payable in advance on or before the 31st day of March shall also be treated as interest-tax paid in advance during the financial year ending on that day for all the purposes of this Act. ___________________________ 1.Substituted for Sections. 11 to 13 by Finance (No. 2) Act (49 of 1991), Section 101(1-10-91).
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