Interest-tax on banks and credit institutions was reduced in stages and ultimately ended for later accruals. Section 4 charges interest-tax on scheduled banks and credit institutions in respect of their chargeable interest, specifying initial and subsequently reduced rates that apply to chargeable interest accruing after prescribed cutoffs, and, as amended, providing that no interest-tax shall be charged in respect of chargeable interest accruing or arising after the legislated cutoff date.
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Provisions expressly mentioned in the judgment/order text.
Interest-tax on banks and credit institutions was reduced in stages and ultimately ended for later accruals.
Section 4 charges interest-tax on scheduled banks and credit institutions in respect of their chargeable interest, specifying initial and subsequently reduced rates that apply to chargeable interest accruing after prescribed cutoffs, and, as amended, providing that no interest-tax shall be charged in respect of chargeable interest accruing or arising after the legislated cutoff date.
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