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of <h1>Scheduled Banks Must Submit Biannual Interest Tax Estimates to Economic Affairs Dept Under Interest Tax Act, 1974.</h1> The Interest Tax Act, 1974 mandates a special tax on interest received by Scheduled Banks from loans and advances in India. Instructions for opening Heads of Account were previously issued. Banks must prepare and submit collection estimates to the Department of Economic Affairs for budget purposes, including data from previous and current years, and forecasts. Information on Interest Tax payable through various assessments is required. Two proforma formats are provided for reporting. Estimates must be submitted biannually by specified dates. Banks must report their status as company or non-company, with updates on changes in status as applicable. Receipt acknowledgment is requested.
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