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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Interest-tax Act, 1974: Expanded 'interest' definition u/s 2(7) now includes debentures, bonds, and securities.</h1> The Interest-tax Act, 1974, as revised from October 1, 1991, now includes a broader definition of 'interest' under Section 2(7). This definition encompasses interest on loans and advances in India, including commitment charges and discounts on promissory notes and bills of exchange, but excludes certain interests under the Reserve Bank of India Act and discounts on treasury bills. Unlike the previous version, interest on debentures, bonds, and securities is now subject to interest tax, as the exclusionary provision from the earlier act is not present. This clarification is to be communicated to relevant officers.
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