LawgistThe Interest-tax Act
28Power to exempt
Where the Central Government is of the opinion that it is necessary or expedient so to do either in the public interest or having regard to the peculiar circumstances of the case, it may, by notification, and subject to conditions, if any, as may be specified in the notification, exempt 1[any credit institution or any class of credit institutions or any interest on any category of loans or advances] from the levy of interest-tax:
Provided that no such exemption shall be made except on the recommendation of the Reserve Bank of India.
Download our fully-offline, High speed android app.- Click here
1. Subs. by Act 49 of 1991, s.111, for "any scheduled bank or any class of scheduled banks" (w.e.f. 1-10-1991).
All sections
- 1 Short title and extent
- 2 Definitions
- 3 Tax authorities
- 4 Charge of tax
- 5 Scope of chargeable interest
- 6 Computation of chargeable interest
- 7 Return of chargeable interest
- 8 Assessment
- 9 Self-assessment
- 10 Interest escaping assessment
- 10A Time limit for completion of assessments and re-assessments
- 11 Advance payment of interest-tax
- 12 Interest for default in furnishing return of chargeable interest
- 12A Interest for default in payment of interest-tax in advance
- 12B Interest for deferment of interest-tax payable in advance
- 13 Penalty for concealment of chargeable interest
- 14 Opportunity of being heard
- 15 Appeals to the Commissioner (Appeals)
- 15A Omitted
- 16 Appeals to Appellate Tribunal
- 17 Rectification of mistakes
- 18 Interest-tax deductible in computing total income under the Income-tax Act
- 19 Revision of order prejudicial to revenue
- 20 Revision of orders by Commissioner
- 21 Application of provisions of Income-tax Act
- 22 Income-tax papers to be available for the purposes of this Act
- 23 Failure to comply with notices
- 24 False statements
- 25 Wilful attempt to evade tax, etc
- 26 Abetment of false returns, etc
- 26A Offences by credit institutions
- 26B Institution of proceedings and composition of offences
- 26C Power of credit institutions to vary certain agreements
- 27 Power to make rules
- 28 Power to exempt
- 29 Power to remove difficulty
- 30 Repealed
