TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Interest-tax Act, 1974: Key Definitions on Assessee, Chargeable Interest, and Financial Companies Explained</h1> The Interest-tax Act, 1974, defines key terms related to the taxation of interest. An 'assessee' is anyone liable for interest-tax or involved in assessment proceedings. 'Assessment' includes reassessment, and an 'assessment year' begins on April 1 each year. The 'Board' refers to the Central Board of Direct Taxes. 'Chargeable interest' is calculated as per sections 5 and 6. 'Credit institutions' include banks, public financial institutions, and state financial corporations, while 'financial companies' encompass hire-purchase, investment, housing finance, loan, mutual benefit, residuary non-banking, and miscellaneous finance companies. 'Interest' covers various charges but excludes certain discounts and specific interests under the Reserve Bank of India Act.
TaxTMI 
TaxTMI 
