Section 93 - Amendment of section 4 - Finance (No. 2) Act, 1991

93. Amendment of section 4. Section 4 of the Interest-tax Act shall be renumbered as sub-section (2) thereof, and after sub-section (2) as so renumbered, the following sub-section shall be inserted, with effect from the 1st day of October, 1991, namely: (2) Notwithstanding anything contained in sub-section (2) but subject to the other provisions of this Act, there shall be charged on every credit institution for every assessment year commencing on and from the 1st day of April, 1992, interest-tax in respect of its chargeable interest of the previous year at the rate of three per cent. of such chargeable interest. .