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Home Bare Acts Phrase: interest Page 1 of about 9,978 results (0.027 seconds)Interest 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 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 sectionEvacuee Interest Separation Act 1951 [Repealed] Chapter II
Title: Separation of Evacuee Interest in Composite Property
State: Central
Year: 1951
.....or the claimant the amount payable under the mortgage debt and redeem the mortgaged property; or (ii) sell the mortgaged property for satisfaction of the mortgage debt and distribute the sale proceeds thereof; or (iii) partition the property between the mortgagor and the mortgagee having regard to the share to which the mortgagee would be entitled in lieu of his claim; (c) adopt a combination of all or some of the aforesaid measures: Provided that before taking any measure under this section, the competent officer shall take into account the order of preference filed by the claimant under clause (f) of sub-section (2) of section 7; and in any case where the claimant is a mortgagor and tenders the amount due, the competent officer shall accept the same in full satisfaction of the mortgage debt. Section 11 - Vesting of evacuee interest in the Custodian free from encumberances and payments, etc., to be valid discharge from all claims (1) Where in respect of any property, notice under section 6 is issued but no claim is filed or found to exist or where any claim in respect of such property is found to exist and the competent officer separates the evacuee interest.....
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Chapter III
Title: Enforcement of Security Interest
State: Central
Year: 2002
.....management of the business of the borrower shall be entitled to any compensation for the loss of office or for the premature termination under this Act of any contract of management entered into by him with the borrower. (2) Nothing contained in sub-section (1) shall affect the right of any such managing director or any other director or manager of any such person in charge of management to recover from the business of the borrower, moneys recoverable otherwise than by way of such compensation. Section 17 - Right to appeal (1) Any person (including borrower), aggrieved by any of the measures referred to in sub-section (4) of section 13 taken by the secured creditor or his authorised officer under this Chapter,1[may make an application along with such fee, as may be prescribed,] to the Debts Recovery Tribunal having jurisdiction in the matter within forty-five days from the date on which such measure had been taken. 2["Provided that different fees may be prescribed for making the application by the borrower and the person other than the borrower. Explanation- For the removal of doubts, it is hereby declared that the communication of reasons to the borrower by the.....
View Complete Act List Judgments citing this sectionInterest Act, 1978 Section 3
Title: Power of Court to Allow Interest
State: Central
Year: 1978
.....satisfied that there are special reasons why no interest should be given in respect of those damages. (3) Nothing in this section,-- (a) shall apply in relation to-- (i) any debt or damages upon which interest is payable as of right, by virtue of any agreement; or (ii) any debt or damages upon which payment of interest is barred, by virtue of an express agreement; (b) shall affect-- (i) the compensation recoverable for the dishonour of a bill of exchange, promissory note or cheque, as defined in the Negotiable Instruments Act, 1881 (26 of 1881); or (ii) the provisions of rule 2 of Order II of the First Schedule to the Code of Civil Procedure, 1908 (5 of 1908); (c) shall empower the court to award interest upon interest.
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 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 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).
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 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).
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