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of <h1>New Self-Assessment Rules for Interest-Tax u/s 98, Effective October 1991, Mandate Payment Before Filing Returns.</h1> Section 98 of the Finance (No. 2) Act, 1991, replaces Section 9 of the Interest-tax Act with a new provision effective from October 1, 1991. The new Section 9 mandates self-assessment for interest-tax payable based on returns required under Sections 7 or 10. The assessee must pay the interest-tax, including any interest for delays, before filing the return, accompanied by proof of payment. Payments are first adjusted towards interest, then towards the principal tax. If the assessee fails to pay, they are considered in default, and all relevant provisions of the Act apply.
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