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REGISTERED No.D-(D)-72

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No. 523] NEW DELHI, MONDAY, DECEMBER 30, 1974/PAUSA 9, 1896

Separate paging is given to this Part in order that it may be filed

as a separate compilation

CENTRAL BOARD OF DIRECT TAXES

NOTIFICATION

THE INTEREST-TAX RULES, 1974

New Delhi, the 30th December 1974

S.O. 740 (E).—In exercise of the powers conferred by section 27 of the Interest-tax Act, 1974 (45 of 1974), and all other powers enabling it in this behalf, the Central Board of Direct Taxes hereby makes the following rules, namely:—

1. Short title.—These rules may be called the Interest-Tax Rules, 1974.

2. Definitions.—(1) In these rules, unless the context otherwise requires, "the Act" means the Interest-tax Act, 1974 (45 of 1974).

(2) All references to "Forms" in these rules shall be construed as references to the forms set out in the Appendix hereto.

3. Form of return of chargeable interest miter section 7.—The return of chargeable interest required to be furnished under sub-section (1) or sub-section (2) of section 7 of the Act shall be in Form No. 1 and shall be verified in the manner indicated therein.

4 Estimate of advance tax—The estimate which an assessee has to send to the Income-tax Officer under section 11 shall be in Form No. 2.

5 Form of appeal to Appellate Assistant Commissioner—(1) An appeal under section 15 of the Act to the Appellate Assistant Commissioner stall be made in Form No. 3 and shall be verified in the manner indicated therein.

(2707)

-,

. . GA OF . A EXTRAORDINARY PPAHT II—

(2) The form of appeal prescribed by sub-rule (J), the grounds of appeal and the form of verification appended thereto shall be signed by the principal officer of the scheduled bank, or where m the case of a non-resident scheduled bank, the assessment hai'been made on any person who has been treated as its agent under section 163 of the Income- tax Act, 1961, by such person.

6. Form of appeal and memorandum of cross-objections to Appellate Tribunal. (1) An appeal under sub-section (1) or sub-section (2) of section 16 of the Act to the Appel- late Tribunal shall be made in Form No, 4 and shall bo verified in the manner indicated therein*

(2) A memorandum of cross-objections under sub-section (4) of section 16 of the Act to the Appellate Tribunal shsll be made in Form No. 5 and shall be verified in the manner indicated therein.

7. Notice of demand.—The notice of demand under sub-section (5) of section 17 of the Act or under section 156 of the Income-tax Act, 1961, as applied to interest-tax under section 21 of the Act shall be made in Form No. 6.

8. Refund claim.—(1) A claim for refund under sub-section (4) of section 17 or under section 239 of the Income-tax Act, 1961, 'as applied to interest-tax under section 21 of the Act shall be made in Form No. 7.

(2) The claim under sub-rule (1) may be presented by the claimant in person or through a duly authorised agent or may be sent by post.

APPENDIX

FORM NO- 1

Interest-tax

For use in Income-tax office Form No. i RETURN OF CHARGEABLE INTEREST-TAX ACT, 1974 INTEREST Rule 3

Assessment ye&r Name In block letters

Address

Telephone

Previous yeat ended on

Permanent Whether this is a revised return, if so, state date

Account Number.

of previous return.

, y

St'ate whether resident or non-resident.

PART I: STATEMENT OF CHARGEABLE INTEREST

Rs.

1. Interest on loans and advances made in India, other than

I :

interest on loans and advances made to scheduled banks, 'and interest on securities chargeable to income-tax under the Income- tax Act, 1961 under the head "Interest on securities".

2. Commitment charges on unutilised portion of any credit

i sanctioned for being availed of In India.

3. Discount on promissory notes and bills of exchange drawn or made in India other than discount on treasury bills.

4. Total of Items 1 to 3 5. Less: Amount of interest charged to interest-tax in any earlier previous year and which has become a bad debt during the previous year.

6 Chargeable interest (as rounded off to the nearest multiple of ten rupees—section 288A of the Income-tax Act, 1961. as applied to interest-tax by section 21 of the Interest-tax Act, 1974)

PART II: STATEMENT OF INTEREST-TAX PAID IN ADVANCE

i-j"

\

^^ —

,^

-

• -

1 ,.

Date of Payment

Amount

Rs.

TOTAL :

PART III: OTHER SUMS NOT INCLUDED IN CHARGEABLE INTEREST AND CLAIMED TO BE NOT TAXABLE

Particulars Amount Reasons why not .

(R3.)

taxable

VERIFICATION

I

(Name in full and in block letters) son/ daughter/wife of being the of

(designation)

(Name of the bank) solemnly declare that to the best of my knowledge and belief the information given in this return and the Statements accompanying it is correct and complete and that the amount of chargeable interest and other particulars shown therein are truly stated and relate to the previous year relevant to the assessment yeflr commencing on the 1st day of April, 19

1, further solemnly declare that during the said previous year no other chargeale interest accrued or arose to or was received by the bank.

1 further declare that in my Capacity as

I am competent to

(designation)

make this return and verify it on behalf of the bank.

. t

Date

'

Place

(Signature)

NOTES.—1. This return Shonad t>e signed by the principal officer of the schedule bank, or where in the case -of a non-resident scheduled bank any person Has been treated as Its agent under scaflon 163 of the Income-tax Act, 1961, by such person.

2 BEFORE SIGKING THE VERIFICATION, THE SIGNATORY SHOULD SATISFY HIMSELF THAT THIS RETURN AND THE ACCOMPANYING STATE- MENTS ARE CORRECT AND COMPLETE IN ALL RESPECTS (Any person making a false statement m this return or the accompanying statements shall be liable to prosecution under flection 24 of the Interest-tax Act, 1974 and on conviction be punish- able! wtth simple imprisonment which may extend to six months or with flno which may extend to Rs. 1,000 or with both).

3. Delete inappropriate words.

4. If the interest-tax payable on the basis of this return exceeds the amount of interest-tax paid In advance, such excess intereat-tax must be paid within 30 days o* furnishing this return [Section 9(1)].

5. Attach a copy of the audited accounts along with a copy of the auditor's report.

FOBM No. 2

INTEREST-TAX

v (See rule 4)

Esttamte of interest-tax payable In advance under section 11 of the Interest-tax Act, 1974 in respect of the period ending on

Name of the assessee .-. .tt-r-K >-..-..

Status

Address

Permanent Account No

Whether resident/non-resident

The interest-tax payable in advance by the bank named above for the period ending "„ " (totoS t*¹⁶ *flrst/second half of the previous year ending ca

) is estimated as follows:-^

I. Estimated chargeable interest of the relevant period: Rs.

I I

] (i) Interest on loans and advances made in India (other than interest on loans and advances made to scheduled banks and interest on securities chargea- ble to income-tax under the Income-tax Act, 1961 under the head "Interest on securities")

(ii) Commitment charges on unutilised portion of any

credit sanctioned for being availed of in India

] !

(iiij Discount on promissory notes and bills of exchange drawn or made in India, other than discouqt on treasury bills.

-

(iv) Total of site-items (i), (li) land (iii) I

',

'

(v) Less: Deduction in rcSpect of amount of interest charged to taj in any earlier previous year and which has become a bad debt during the rele- vant period. Chargeable interest liable to advance payment of interest-tax [(iv)-(v)].

2. interest-tax chargeable on the chargeable interest liable

!

tp advance payment of interest-tax,

Prace

Date •.,

Signature of the person

making the estimate.

To,

The Income-tax Officer,

NOTES.-I. The estimate of interest-tax payable in advance should be " j s ^ J *. jg principal officer of the scheduled bank, or where m the case o! a no£T*"dem g , d u t ed bank any person has been treated as its agent under section 163 of the, Income tax A O ,. 1961, by "uch person.

2- ^Delete inappropriate words.

FORM NO. 3

INTEREST-TAX

(See rule 5)

Appeal to the Appellate Assistant Commissioner of Income-tax under section 15 of *he Interest-tax Act, 1974.

Designation of the Appellate Assistant

Commissioner.

•No.— — of 19 —19

1. Name and "address of the appellant. >

2. Permanent Account No.

3. Assessment year in connection \ with

which the appeal is preferred.

4. Income-tax Officer passing the order

appealed against.

5'. Section and sub-section of the Interest- tax Act, 1974 under which the Income- tax Officer passed the order 'appealed against and the date of such order. '6. Wheje the| appeal relates to any assessment or penalty or fine, the date of service of the relevant notice of demand.

7. In any other case, the date of service of the intimation of the order appealed against.

8. ••Relief claimed in appeal.

9. Address to which notices may be sent to

the appellant.

Signed (Appellant)

**Statement of Facts

**Grounds of Appeal

Signed (Appellant)

FORM OF VERIFICATION

1.

•—• , the appellant, do hereby declare that what is stated above is true to the best of my information and belief.

Place...-. Date

Signed (Appellant)

NOTES—1. The form of appeal, grounds of appeal and form of verification appended thereto should be. signed by a person in accordance with the provisions of rule 5(2), The memorandum of 'appeal, statement of facts and the grounds of appeal must be in duplicate and should be accompanied by a copy of the order appealed against and the notice of demand in original, if any.

2. Delete inappropriate words.

sioner.

3. "These particulars will be filled in in the office of the Appellate Assistant Commis- I

4. **If the space provided herein is insufficient, separate enclosures may be used fot tho purpose.

2712 THE GAZETTE OF INDIA EXTRAORDINARY [PART n—

FORM N O. 4

INTEREST-TAX

[See rule 6(1)]

Form of appeal to the Appellate Tribunal

In the Income-tax Appellate Tribunal — •Appeal No. — of 19 —19 ^

Appellant Vs. Respondent

1. The State in which the assessment wa"

made.

2. Section under which the order ap-

pealed against was passed.

3. Assessment year in connection with

which the appeal is preferred.

4. **The Income-tax Officer passing

the original order.

5. **Section and sub-section of the interest-tax Act, 1974 under which the Income-tax Officer passed the order.

6. **The Appellate Assistant Commis- sioner passing the order under section 15/17 of the Act/section 131(2) of th? Income-tax Act, 1961 as applied to Interest-tax by section 21 of the Interest-tax Act, 1974.

7. **The Commissioner passing the order under section t9 of the Act,

8. Date of communication ot the order

appealed against.

9. Address to which notices may

be sent to the appellant.

10. Address to which notices may be

sent to the respondent.

U. + Relief claimed in 'appeal.

Signed (Appellant>

+ Grounds of Apy

Signed (Appellant)

Signed

(Authorised representative-, if any}

VERIFICATION

I, - —. - • • • , tho appellant, do hereby declare that what is stated above is true to the best of my information and belief.

Verified today, the — day of — — 19 .

Signed (Appellant)

NOTES, .1, The memorandum of appeal must be in triplicate and should be accom- panied by two copies (at least one of which should be a certified copy) of the order appealed against and two copies of the relevant order of the Income-tax Officer.

of a p p c al in c a se of 'an aPPe al by an assessee under section

1um e?o r a n d u m

L

it, ^T"e l o ( jj or me Act must be accompanied by a fee of one hundred and twenty five rupeos It is suggested that the fee should be credited in the treasury or in any branch of tho State Bank of India or a branch of the Reserve Bank

3. The memorandum of appeal should be written in English and should set forth, concisely and under distinct heads, tho grounds of appeal without any argument or nar- rative and such grounds should be numbered consecutively.

4. T he number and year of appeal will bo filled in in the ofiice of the Appellate Tribunal.

5. *'Delete the inapplicable items. 6. +If the space provided is found insufficient, separate enclosure may be used for the purpose.

FORM N O. 5

INTEREST-TAX

[See rule 6(2)]

•—

Form of memorandum of cross objections to tho Appellate Tribunal, In the Income-tax Appellate Tribunal- *Cross objection No. • of 19 -19 **ln Appeal No. • • • of 1 9— 19 —

Appellant Vs. Respondent

1. **Appeal No. allotted by the Tribunal to which memorandum of cross objec- tions relates.

2. Tho State in which the assessment

was made.

3. Section and sub-section) under which the order appealed against was passed.

4. Assessment year in connection with which the memorandum of cross objec- tions is preferred.

5. Date of receipt of notice of appeal

filed by the appellant to the Tribunal.

6. Address to which notices may be sent to the respondent (cross objector).

7. Address to which notices m'ay be sent

to the appellant.

8. +Relief claimed in the memorandum of

cross objections.

4- Grounds of Cross Objections

Signed (Respondent)

Signed

Authorised representative, if any)

VERIFICATION

j_ __ _, the respondent do hereby declare that what is stated

above is true to the best of my information and belief.

Verified today the day of 19- -

Signed

2714 THE GAZETTE OF INPIA EJCTI^AORDINARY [PART II—

1—-"^—-—r———.—•-.—.—~ . ^ .—_^—.—^ ,— ii_—^ .

NOTES.—1. The memorandum of cross objections must be in triplicate.

2. The memorandum of cross objections should be written In English and should set forth, concisely and under distinct heads, the cross objections without any argument or nar- rative and such objections should be numbered consecutively,

3. T he number and year of memorandum of cross objections will be filled in in the office of the Appellate Tribunal.

4. ••The number and year oT appeal as allotted by the office of the Tribunal and appearing in the notice of appeal received by the respondent is to be filled in hereby tho respondent.

5.+If the sp'ace provided is insufficient, separate enclosures may be used for the pur- pose.

FORM MO. 6

INTEREST-TAX

{See rule 7)

Notice of demand under section 17(5) of the Interest-tax Act, 1974/section 156 of the Income-tax Act, 1961, as applied to interest-tax by section 21 of tho Interest-tax Act, 1974.

To

Permanent Account No.

This is to give you notice that for the assessment year a sum of , details of which are given on the reverse, has been determined Rs to be payable by you.

2. The amount should be paid to the Treasury Officer/Sub-Treasury Officer/Agent, State Bank of India/Reserve Bank of India at- — within 35 days/ — days of ttoe service of this notice. The previous approval of tho Inspecting Assistant Commissioner has been obtained for allowing 'a period of less than 35 days for the payment of the above sum. A chalan is enclosed for the purpose of payment,

3. If you do not pay the amount within the period specified above, you will be liable to pay simple interest at the rate of 12 per cent per annum from the date of- com- mencement after the end of the period aforesaid in accordance with section 220(2) of the Income-tax Act, 1961, as applied to interest-tax by section 21 of the Interest-tax Act, 1974.

4. If you, do not pay the amount of the tax within the period specified above, penalty (which may be as much as tho amount of tax in arrear) may be imposed upon you after giving you a reasonable opportunity of being heard in accordance with section 221 of the Income-tax Act, 1961, as applied to interest-tax by section 21 of the- Interest-tax Act, 1974.

5. If you do not pay the lamount within the period specified above, proceedings for the recovery thereof will be taken in accordance with sections 222 to 227, 229, 231, 232 and the Second Schedule and the Third Schedule to the Income-tax Act, 1961, a* applied to interest-tax by section 21 of the Interest-tax Act, 1974.

6. If you intend to appeal against the aasessment/flne/penaity, you may present an appeal under section 15 of the Interest-fax Act, 1974 to the Appellate Assistant Com- missioner of Income-tax within thirty days of the re- ceipt of this notice in Form No. 3, duly verified as laid down in that Form.

Incometax Officer

Address

Place— — —-

Date- — _

NOTES.—1. If you wish to pay the amount bycheque, the cheque should be drawn in favour of the Treasury Offlcer/Sub-Troasury Officer/Agent, State Bank of India/Re- serve Bank of India.

2. If you intend to seek extension of time for payment of the amount or propose to make the payment by instalments, the application for such extension or, as the case may be, permission to pay by instalments, should be made to the Income-tax Officer before the expiry of the period specified in paragraph 2. Any request received after the expiry of the said period will not bo entertained in view of the specific provisions of action 220(3) of the Income-tax Act, 1961, as applied to interest-tax by section 21 of the Interest-tax Act, 1974.

3. Delete inappropriate words.

FORM NO. 7 INTEREST-TAX [See rule 8(1)]

Claim for refund of interest-tax

I

-.-, the principal officer/agent of

(Name of the bank) do hereby state that the chargeable interest of computed in accordance

(Name of the bank)

with the provisions of the Interest-tax Act, 1974 during the year ending on being the previous ytfar foT the assessment year commencing on the 1st day of April, • amounted to Rs. ; that the interest-tax charge- able in respect of such chargeable interest ig Rs, — ——-— and that the amount . of intereat-tax paid in respect of the aforesaid assessment year is Rs.

T, therefore, request for a refund of Rs. •— -.

Signature .--• Place Date — . ——

1, hereby declare that the above named bank was resident/non-resident during the previous year relevant to the assessment year to which tbis claim relates and that what is stated In this pooiication is correct.

Signature—™ •

Notes.—1. Delete inappropriate words,

2. The term 'agent* means a person who has been treated 'as an agent of a non- resident scheduled bank under section 163 of the Income-tax Act, 1961.

[No. 808/F. No. 143(9)/74-TPL] O. P. BHARDWAJ, Secy. Central Board of Direct Taxes.

37i8/2 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—'

PRINTED BY THE MANAGER, GOVERNMENT OF INDIA PRESS, MINTO ROAP, NEW DELHI 4ND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI, 1974