Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
- 🔍 Narrow down results with higher precision
Try it now in Case Laws →
TaxTMI Login
🚀 New Feature Launched ✕
Just a moment...
Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
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 Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Interest-tax Act, 1974: Tax on Bank Interest, Filing Procedures, Penalties, Exemptions & Prosecution Provisions Explained.</h1> The Interest-tax Act, 1974, effective from April 1, 1975, imposes a tax on interest received by scheduled banks in India. The Act, administered by the Income-tax Department, defines 'chargeable interest' and outlines procedures for filing returns, assessments, and self-assessments. It mandates advance tax payments and imposes penalties for non-compliance, false estimates, and concealment. The Act allows for appeals, revisions, and exempts certain banks upon recommendation by the Reserve Bank of India. It also includes provisions for prosecution and punishment for offences, and allows the Central Government to make rules and remove operational difficulties.
TaxTMI 
TaxTMI 
