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of <h1>Interest-tax Act Amended: Income-tax Authorities to Serve as Interest-tax Authorities from Oct 1, 1991, per Section 116.</h1> Section 3 of the Interest-tax Act is amended to redefine the roles and jurisdictions of interest-tax authorities. Effective from October 1, 1991, income-tax authorities as specified in section 116 of the Income-tax Act will also serve as interest-tax authorities. These authorities will exercise powers and perform functions within their jurisdiction as defined by the Income-tax Act, including any concurrent jurisdiction. For credit institutions without assessable income under the Income-tax Act, jurisdiction will be based on their business location. Section 118 of the Income-tax Act regarding control of authorities applies unless otherwise directed by the Board through official notification.
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