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In force

The Interest-tax Act, 1974

37 sections · As amended up to 2026-08

Sections

  1. 1Short title and extent
  2. 2Definitions
  3. 3Tax authorities
  4. 4Charge of tax
  5. 5Scope of chargeable interest
  6. 6Computation of chargeable interest
  7. 7Return of chargeable interest
  8. 8Assessment
  9. 9Self-assessment
  10. 10Interest escaping assessment
  11. 10ATime limit for completion of assessments and re-assessments
  12. 11Advance payment of interest-tax
  13. 12Interest for default in furnishing return of chargeable interest
  14. 12AInterest for default in payment of interest-tax in advance
  15. 12BInterest for deferment of interest-tax payable in advance
  16. 13Penalty for concealment of chargeable interest
  17. 14Opportunity of being heard
  18. 15Appeals to the Commissioner (Appeals)
  19. 15AOmitted
  20. 16Appeals to Appellate Tribunal
  21. 17Rectification of mistakes
  22. 18Interest-tax deductible in computing total income under the Income-tax Act
  23. 19Revision of order prejudicial to revenue
  24. 20Revision of orders by Commissioner
  25. 21Application of provisions of Income-tax Act
  26. 22Income-tax papers to be available for the purposes of this Act
  27. 23Failure to comply with notices
  28. 24False statements
  29. 25Wilful attempt to evade tax, etc
  30. 26Abetment of false returns, etc
  31. 26AOffences by credit institutions
  32. 26BInstitution of proceedings and composition of offences
  33. 26CPower of credit institutions to vary certain agreements
  34. 27Power to make rules
  35. 28Power to exempt
  36. 29Power to remove difficulty
  37. 30Repealed