Special-tax on the gross amount of interest received by or accruing to the Scheduled Banks on loans and advances made in India

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..... s and advances made in India. Necessary instruction regarding the opening of Heads of Account were issued under Board's Instruction No. 872 dated the 4th September 1975. 2. As in the case of other revenue items, the estimates of collection for the Interest Tax have also to be prepared and sent to the Department of Economic Affairs for incorporation in the budget estimates. For this purpose, data .....

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..... ion u/s 2(17)(iv) of the Income-tax Act should be shown in both the prioformae printed below under the columns intended for showings the collection and other information in respect of banks which are companies. Although Interest Tax Act does not prescribe the status of the assessee but because the accounting of the collection under Interest Tax Act has to be made separately for banks which are com .....

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