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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CBDT Circular Establishes New Major Head for Interest Tax Accounting, Effective July 1, 1980.</h1> The circular issued by the Central Board of Direct Taxes (CBDT) on January 7, 1982, addresses the accounting of interest tax. Previously accounted under the minor head below the major head for taxes on income and expenditure, the substantial revenue from the re-imposed Interest Tax (effective July 1, 1980) necessitates a separate major head. In consultation with the Comptroller and Auditor General (C & AG) of India, it was decided to establish a new major head, '024 - Interest Tax,' with specific minor heads for collection, other receipts, and receipts awaiting transfer. Necessary corrections to the accounting list are being issued by the C & AG.
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