https://www.taxtmi.com/circulars?id=4560 A special tax applies to the gross amount of interest received by scheduled banks on loans and advances made in India, measured as chargeable interest for relevant previous years, excluding interest on loans to other scheduled banks and interest accruing before 1-8-1974. Administration is by income-tax authorities with prescribed returns, assessments, reassessments and self-assessment and advance-payment obligations. Specific penalties and recovery procedures mirror income-tax provisions; rulemaking, exemption powers and prosecution measures are provided, and a schedule lists the banks covered. en-us Tue, 31 Dec 1974 00:00:00 +0530 Wed, 30 Jul 2008 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4560 A special tax applies to the gross amount of interest received by scheduled banks on loans and advances made in India, measured as chargeable interest for relevant previous years, excluding interest on loans to other scheduled banks and interest accruing before 1-8-1974. Administration is by income-tax authorities with prescribed returns, assessments, reassessments and self-assessment and advance-payment obligations. Specific penalties and recovery procedures mirror income-tax provisions; rulemaking, exemption powers and prosecution measures are provided, and a schedule lists the banks covered. Circulars Income Tax Tue, 31 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4560